Skip to content
- Hacker wallet resurfaces, buying millions in Solana and Ethereum.
- Institutions push Ethereum higher as ETFs record massive inflows.
- Coinbase hack still under investigation after $300 million exploit.
A wallet linked to the $300 million Coinbase hack has resurfaced with new and aggressive market activity. According to Lookonchain, the hacker acquired 38,126 Solana worth $7.95 million at an average price of $209 in just two hours. This transaction follows another high-profile move where the same wallet purchased 649.62 Ethereum worth $2.31 million at an average price of $3,561.
These consecutive purchases indicate a change in strategy by the exploiter, who earlier sold off thousands of Ethereum during previous price fluctuations. The addition of Solana to the portfolio demonstrates non-Ethereum diversification. Meanwhile, both assets are experiencing good market momentum. Ethereum has gained 26 percent over the last week, and Solana is still the hot whale coin.
Also Read: US Government Boosts Ethereum Reserves as Crypto Holdings Hit $23.4 Billion
Whales and Institutions Drive Ethereum Demand
The hacker’s actions coincide with the overall tendencies of whales and institutions continuing to invest in Ethereum. Two institutional-level wallets that were developed via FalconX and Galaxy Digital have recently purchased 58,268 Ethereum worth about $212 million. Their participation indicates the growing institutional interest in Ethereum as its price keeps going up.
These inflows are coupled with ongoing whale trading activity. A popular wallet tracked under the address 0xd5ff also liquidated a long Ethereum position equivalent to $1.7 million earlier today. In the past four days, the same address has made half a dozen profitable Ethereum transactions, totaling almost $3 million.
Ethereum exchange-traded funds are also sources of institutional participation. Ether-based ETFs made $402.5 million in inflows, beating Bitcoin by only slightly less than $400 million. The biggest fund to post outflows was the BlackRock ETHA fund, with $394.91 million, with Fidelity FETH and Grayscale ETHE posting minor outflows. In general, the trading volume of Ether ETFs increased to $2.8 billion, and assets under management increased to $18.37 billion.
Coinbase Hack Still Under Scrutiny
The Coinbase hack is one of the most debatable ones in recent years. It was established that the attacker exchanged stolen Bitcoin with Ethereum through Thorchain for $42.5 million. The transaction was later repeated, with almost 18,000 Ethereum swapped for $45 million in DAI stablecoins in a further attempt to cover the tracks.
Hackers carried out the breach through a social engineering attack that involved bribing contractors and overseas support employees. This revealed the personal information of 97,000 Coinbase users, including names, addresses, and emails. Coinbase promised to compensate those users who lost money, but declined to pay a ransom of $20 million to a hacker.
The fact that the Coinbase hacker has returned to buy new Ethereum and Solana coins shows the extent of money that they still control. As whales and institutions are actively supporting the Ethereum rally, the market remains in a state of heavy inflows with the controversial actions of one of the most notorious exploiters.
Also Read: Whales Move $50M XRP to Coinbase as Ripple’s SEC Case Officially Closes
