A hacker who stole over $300 million from a Coinbase user in 2023 has made a bold move by purchasing 4,863 ETH, worth approximately $12.55 million. Online security firm Onchain Lens disclosed that the hacker sold 26,762 ETH for $69.25 million just two months ago. The stolen funds were initially obtained through a sophisticated phishing scheme targeting Coinbase users.
Hacker Spends $12.55 Million Loot
The hacker behind the massive $300 million heist on a Coinbase user has been making waves with their recent transactions. In 2023, the hacker exploited a vulnerability in Coinbase’s system, tricking users into divulging their login credentials. The stolen funds were then laundered through various crypto exchanges and wallets.
The hacker’s recent purchase of $12.55 million worth of ETH demonstrates their continued confidence in the crypto market. With this latest move, the hacker has reignited concerns about the security of crypto exchanges and the potential for large-scale hacks.
The hacker has been actively trading on the Ethereum blockchain, using various wallets and exchanges to launder and move funds. The Ethereum blockchain’s transparency and security features have allowed investigators to track the hacker’s transactions.
Navigating Through Exploits
The crypto community is agog with speculation about the hacker’s identity and motives. Some believe the hacker is trying to launder the stolen funds, while others think they may be trying to accumulate more digital assets. As the hacker continues to make bold moves, the community remains on high alert.
Coinbase has faced several significant security breaches and exploits since 2023. For instance, a recent phishing hack reportedly targeted Coinbase users, with attackers using sophisticated tactics to bypass multi-factor authentication and steal funds. In May 2025, Coinbase suffered a significant breach in which attackers stole $400 million by exploiting overseas support contractors who were bribed, gaining unauthorized access to user account data and affecting fewer than 1% of users.
According to ZachXBT, scammers steal over $300 million annually from Coinbase users, with at least $65 million lost between December 2024 and January 2025 due to phishing and fake support calls. Coinbase has been criticized for failing to block known theft addresses using compliance tools, allowing stolen funds to be sent to flagged addresses without detection.
Experts recommend that Coinbase implement stronger security measures, such as removing phone numbers as a default option for account recovery and creating safer account types for elderly users.
