Crypto Hacks Surge: $19M In Ethereum Grab by Infamous Wallet Raises Alarming Questions

A crypto wallet connected to the notorious $300 million Coinbase hack has reappeared with another suspicious move on the Ethereum ￰0￱ the weekend, the address acquired 3,976 ETH worth approximately $18.9 million, according to on-chain data from Arkham ￰1￱ purchase was executed using 18.9 million DAI, a stablecoin, and split across multiple transactions before being consolidated into the ￰2￱ transaction came just as Ethereum broke above $4,700, marking its highest level in more than two weeks. Currently, ETH trades at $4,538, down 2.9% in the past 24 hours. A Pattern of Bold Acquisitions This is not the first time the wallet has made ￰3￱ July, it bought 4,863 ETH for $12.6 million and later added 649 ETH at $3,562 per ￰4￱ last month, the same wallet scooped up $8 million worth of Solana (SOL), though that position has since slipped below entry ￰5￱ say the strategy shows deliberate fund consolidation, often seen in money laundering ￰6￱ transactions into smaller amounts and using privacy tools allows the hacker to mask movements, making tracking more ￰7￱ investigator ZachXBT previously estimated that the Coinbase-related social engineering scam drained at least $330 million from victims, warning that the real figure may be significantly ￰8￱ Concerns Over Rising Crypto Hacks The latest Ethereum purchase shows broader concerns in the crypto industry, where hack-related losses reached $163 million in August alone, according to security firm ￰9￱ exploits shifting from smart contract bugs to social engineering and cross-chain bridge vulnerabilities, wallets like this continue to pose a major threat to investor ￰10￱ Coinbase offering a $20 million reward for information on the perpetrators and tightening security, the hacker remains ￰11￱ latest $19M ETH grab proves the resilience and boldness of cybercriminals operating in the ￰12￱ crypto rallies and institutional inflows grow, the question remains: is the hacker simply riding bullish momentum, or is this part of a deeper strategy to launder stolen funds?

Regulators and blockchain investigators are watching closely, but for now, the crypto world is left with more questions than ￰13￱ image from ChatGPT, ETHUSD chart from Tradingview