A crypto wallet tied to the $300 million Coinbase hack has purchased 3,976 Ether worth $18.9 million, even as ETH trades near its highest level in two weeks.
Key Takeaways
- Hacker wallet linked to $300M Coinbase scam bought 3,976 ETH worth $18.9M using DAI.
- The address has also accumulated Solana and earlier ETH purchases in recent months.
- ETH price broke above $4,700, its strongest rally in two weeks.
- Spot Bitcoin and Ether ETFs saw over $1 billion in combined daily inflows, signaling rising institutional demand.
What Happened?
On Saturday, blockchain analytics platform Arkham Intelligence reported that the Coinbase hacker wallet swapped 18.9 million DAI for 3,976 Ether at an average price of $4,756 per token. The purchase pushed total holdings higher despite ongoing surveillance from crypto analysts.
The wallet, tied to one of the largest crypto scams of the year, has been monitored closely by researchers since being linked to a $300M social engineering attack on Coinbase users.
Hacker Wallet Expands Holdings
The recent ETH purchase is the latest in a series of large trades.
- July 2025: The wallet bought 4,863 ETH ($12.55M) and 649 ETH ($2.3M) at around $3,562 each.
- August 2025: It acquired $8M worth of Solana (SOL), though the token has since dropped below its entry price.
Onchain investigator ZachXBT previously estimated the scam’s impact at $330M, though he stressed the real figure could be much higher. The hacker’s trading history shows a preference for large-cap altcoins like ETH and SOL, with steady accumulation despite price volatility.
The hacker who stole $300M+ from #Coinbase users bought another 3,976 $ETH($18.9M) at $$4,756 an hour ago.https://t.co/xgGLej7nrd pic.twitter.com/WrxobUkK7k
— Lookonchain (@lookonchain) September 13, 2025
ETH Price Hits Two-Week High
The wallet’s timing coincided with a broader rally in Ethereum. On Saturday, ETH climbed to $4,763, its highest in more than two weeks, before stabilizing near $4,718 with a 4.5% daily gain. The purchase adds to speculation that large buys, alongside institutional inflows, are contributing to upward momentum.
Analysts also noted that institutional interest in Ethereum is rising through spot ETH ETFs, which recorded $405.55 million in daily net inflows on Friday alone. BlackRock’s ETHA attracted $165.56 million while Fidelity’s FETH saw $168.23 million.
Bitcoin ETFs Fuel Market Strength
Ethereum’s rally comes alongside strong inflows into Bitcoin ETFs. According to data provider SoSoValue, spot Bitcoin ETFs recorded $642.35 million in net inflows on Friday, marking their fifth consecutive day of gains.
Cumulative net inflows have now reached $56.83 billion, with total assets under management climbing to $153.18 billion, about 6.62% of Bitcoin’s entire market cap. The momentum has revived optimism after a slow start to the month, signaling that institutions are reentering the market aggressively.
BlackRock Explores ETF Tokenization
Adding to the bullish narrative, BlackRock is reportedly exploring the tokenization of ETFs on blockchain networks. The move could allow 24/7 trading and integration with decentralized finance platforms, though regulatory hurdles remain significant. If successful, tokenized ETFs would blur the line between traditional finance and decentralized markets.
CoinLaw’s Takeaway
In my experience, the combination of hacker wallet activity and record ETF inflows paints a fascinating picture of crypto’s dual nature. On one side, you have a scam-linked wallet quietly accumulating millions in ETH despite being under the microscope. On the other, Wall Street is pouring billions into regulated Bitcoin and Ethereum ETFs.
I found it striking that the hacker’s big ETH buy came right as institutional demand pushed Ethereum past $4,700. It shows how different players, from retail scammers to trillion-dollar asset managers, all shape this market at the same time. The lesson is clear: the crypto space remains unpredictable, but its growth is undeniable.
