Coinbase hacker panic-sold ETH during market crash at a $4.5M loss
A hacker who stole 400 bitcoins (BTC) from a Coinbase user has panic-sold their ether (ETH) holdings during today’s crypto crash, losing over $4.5 million in the process.
The price of ETH fell by 8.8% in the past 24 hours while BTC fell to $103,850, a 24-hour decrease of 6.2%.
Overall, over $100 billion was wiped from crypto’s global market cap.
According to crypto analyst account Lookonchain, which has been tracking the hacker’s movements, the price swing spooked the thief into selling 8,638 ETH (worth $32.5 million at the time).
The hacker originally purchased 9,240 ETH worth $39.5 million last Tuesday while the asset was worth $4,269. However, they sold it when it worth $3,775, leaving them to deal with a $4.5 million loss.
Read more: $600B gone in 30 minutes — inside crypto’s fastest-ever flash crash
During last weekend’s crypto crash, the hacker also panic-sold 8,638 ETH (worth $32.5 million).
At the time, ETH was priced at $3,764, and the trade lost them $5.5 million. They then bought back another 7,816 ETH, paying $32.5 million while it was worth $4,159.
The source of the hacker’s funds, as noted by X user “Specter Analyst” and after cross-referencing the wallets with an investigation by ZachXBT, appears, at least in part, to be a scammed Coinbase user.
Indeed, the renowned crypto sleuth discovered that the user in question was apparently scammed out of 400 BTC, then worth almost $35 million.
ZachXBT also uncovered numerous Coinbase user thefts that month that totalled over $46 million.
They also noted that all these funds “were bridged from Bitcoin to Ethereum via Thorchain/Chainflip and swapped for DAI.”
North Korea likes a good crypto trade
Normally, crypto hackers are in a hurry to cover their tracks, launder the funds, and spend on typically lavish goods, (Rolex watches, Lamborghinis, or nuclear missile programs).
Such is the case with North Korea and its infamous Lazaurus Group, which is likely funneling funds from crypto hacks into the country’s military regime.
The group, however, has also tried making a quick buck from trading its ill-gotten crypto.
It reportedly used $53 million that was stolen from Radient Capital last year to buy and sell ETH in a number of well-timed trades.
Analyst EmberCN predicted that by August 2025, it had made $41.6 million from trading ETH, which represented an 180% increase on the original stolen sum.
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