The cryptocurrency wallet related to the Coinbase hack worth over 300 million USD is actively buying Ethereum (ETH), showing that ETH's price increase is being pursued by whales and hackers.
This is a notable development in the context of a strongly growing cryptocurrency market, along with investment demand from large institutions and Ethereum whale wallets continuously increasing ETH accumulation.
- Hacker wallet from Coinbase accumulates an additional 649.62 ETH, indicating a long-term buying trend after the money laundering campaign in the month
- Whale wallets and large investment organizations buy more than 58,000 ETH, with a total value of hundreds of millions of USD
- The 2025 Coinbase attack is a controversial hack affecting 97,000 accounts and did not obtain login information
How is the Coinbase Hacker's Wallet Buying Ethereum?
On-chain data from Lookonchain confirms that the wallet believed to belong to the hacker bought 649.62 ETH on 20/7/2025 at an average price of 3,561 USD/ETH, equivalent to 2.31 million USD. This is a signal showing that the attacker is betting on Ethereum's upward trend.
Previously, on 7/7/2025, this wallet also bought an additional 4,863 ETH (12.55 million USD) at an average price of 2,581 USD/ETH, while two months ago it sold 26,762 ETH worth 69.25 million USD. The buying and selling strategy shows the proactiveness and experience in cryptocurrency trading of this entity.
Coinbase hacker bought an additional 649.62 ETH worth 2.31 million USD at a price of 3,561 USD/ETH on 20/7/2025.
Lookonchain, on-chain analyst, July 2025
How Are Whales and Large Organizations Influencing the Ethereum Market?
Not only hackers, two newly established institutional whale wallets through FalconX and Galaxy Digital have collectively accumulated 58,268 ETH, estimated at 212 million USD, demonstrating Ethereum's growing attractiveness to professional investors.
Another famous whale wallet has just closed a profit of 1.7 million USD from an ETH buying position, while recording a total profit of nearly 3 million USD in 6 consecutive long-term trades over the past 4 days. Whale activities show high volatility, while creating buying pressure and raising ETH prices.
What Are the Main Developments in the Ethereum Market Recently?
Ethereum maintains a 26% increase in the past 7 days, with an average trading price of 3,705 USD and daily trading volume up to 30 billion USD. Cash flow from ETH-related ETF funds reached 402.5 million USD, surpassing Bitcoin with 363.45 million USD. Among them, BlackRock's ETHA fund accounts for 394.91 million USD.
The total managed assets of Ether-related products have reached a record 18.37 billion USD, demonstrating strong investor confidence in Ethereum's long-term development potential.
How Did the Coinbase Hack Worth Over 300 Million USD Occur?
The 2025 Coinbase hack once shocked when hackers stole over 300 million USD from users. According to on-chain investigator ZachXBT, the attacker first exchanged 42.5 million USD Bitcoin to Ethereum through THORChain, then transferred nearly 18,000 ETH to stablecoin DAI worth over 45 million USD.
The reason for the attack originated from a social engineering technique targeting contractors and support staff overseas, causing data of names, addresses, and emails of 97,000 accounts to be exposed. Coinbase committed to compensating for damages and refused to pay the 20 million USD ransom demanded by the hacker.
The attack occurred due to sophisticated social engineering, severely affecting 97,000 accounts but without exposing login information.
ZachXBT, on-chain analyst, 2025
Frequently Asked Questions
1. Does the Coinbase Hacker's Wallet Buying ETH Affect Ethereum's Price?
The activity of buying ETH worth millions of USD from the hacker's wallet creates attention, but the direct impact on price depends on the larger market volume, including institutional and other whale investors.
2. Which Institutional Investors Are Currently Buying Ethereum Most Strongly?
BlackRock with the ETHA fund recorded purchases of nearly 395 million USD, leading the institutional investor group in the ETH cryptocurrency field.
3. Did the Coinbase Hack Cause Significant Asset Loss for Users?
Over 300 million USD was taken, but Coinbase committed to refunding affected users and strengthening security after the incident.
4. Is Ethereum's Price Increase Supported by ETF Funds?
Yes, ETH-related ETF funds have attracted large cash flows, helping to consolidate market confidence and strongly drive ETH prices up.
5. What Method Did the Hacker Use to Conceal Data After Hacking?
The hacker converted assets to multiple tokens like Ethereum and stablecoin DAI through complex transactions to blur transaction traces.
