Controversial wallets are active linked to one of the major hacks in the crypto market. On-chain data shows what hackers who plunder more than $300 million from Coinbase users have been doing for a long time at Ethereum (ETH).
Reportedly linked to the hackers were scooping 649.62 ETH (worth around $2.31 million) at an average price of $3,561. The move follows a month-long laundry campaign, showing that attackers are currently making directional bets on Ethereum’s benefits. Ether prices have increased 26% over the past seven days.
Ethereum reaches $3,700 when whales fall into flooding
Data shared by LookonChain shows that the same Coinbase hacker wallet added 4,863 Ethereum (worth around $12.55 million) on July 7, with an average price of 2,581. But two months ago, the Exploit sold 26,762 ETH (worth around $69.25 million) when it was trading at around $2,588.
This is not the only big money to move to ETH. The two newly created in-house wallets purchased a total of 58,268 ETH, making it an estimated $212 million. Accumulation was made via Falconx and Galaxy Digital.
The hacker, who stole over $300 million from a #coinbase user, bought another $649.62 ETH (2.31mm) nine hours ago for $3,561 ($2.31mm).
– lookonchain (@lookonchain) July 20, 2025
On the other side, a known whale wallet (0xD5FF) closed its long ETH position while locking up a profit of $1.7 million a few hours ago. Over the past four days, the same address has performed six ETH long trades, all of which remained beneficial to him. It holds gross profits of nearly $3 million.
The biggest altcoins have ridden the bullish wave very well, recording profits of over 125% over the past 90 days. Ethereum trades at an average price of $3,705 at press time. Its 24-hour trading volume is around $30 billion.
Source: SOSOBValue
The institutional appetite for Ethereum is still accelerating. The Ether-Linked US ETF recorded an influx of $442.5 million on Friday, surpassing Bitcoin’s $363.45 million. BlackRock’s ETHA fund alone accounted for that total of $394.9 million. Fidelity’s Feth and Grayscale’s Ethe recorded modest spills. Ether ETF trading volume reached $2.8 billion, while total assets under management of Ether products surged to a record $18.37 billion.
Inside Coinbase’s $300 million ETH robbery
The Coinbase hack itself continues to be one of the most controversial cases of 2025. As first reported by chain investigator ZachxBT, the attacker initially exchanged $42.5 million worth of stolen Bitcoin for Ethereum via Thorchain. They later converted nearly 18,000 ETH to more than $45 million in Dai Stablecoins, and even obfuscated the trail.
The violation reportedly stems from a social engineering scheme. Hackers bribe external contractors, support employees outside the US, access sensitive user data and impacted 97,000 Coinbase accounts.
My login credentials were not compromised, but my name, address and email were published. Coinbase has committed to reimbursing affected users and to estimate damages. However, the company reportedly refused to meet the attacker’s $20 million ransom demand.
