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Coinbase Hack Suspect Converts $18.91M DAI to Nearly 4,000 ETH

Coinbase Hack Suspect Converts $18.91M DAI to Nearly 4,000 ETH

A hacker who stole over $300 million from Coinbase sold nearly 4,000 ETH at $4,522 each, resulting in a significant loss within two days, according to Lookonchain.

ETH
DAI

Fact Check
Multiple credible crypto news sources (Cointelegraph, Blockchain.news, FinanceFeeds, Ground.news) corroborate the statement, citing consistent figures from on-chain data. They report a wallet labeled as the 'Coinbase hacker' recently swapped approximately $18.91M in DAI for 3,976 ETH, which aligns perfectly with the statement.
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Summary

The hacker involved in the $300 million Coinbase breach sold 3,976 ETH at an average price of $4,522, cashing out $17.98 million. This quick sale led to a $932,000 loss over two days, reflecting the volatility and risks faced when moving stolen funds on transparent blockchain networks.

Terms & Concepts
  • DAI: A U.S. dollar-pegged stablecoin built on the Ethereum blockchain, maintained by the MakerDAO protocol.
  • ETH (Ethereum): The native cryptocurrency of the Ethereum blockchain, used for transactions, smart contract execution, and as a store of value.
  • On-Chain Analysis: The process of examining blockchain transaction data to track asset movements and identify patterns or suspicious activity.