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Coinbase Commerce Hacker Converts $5.9M DAI to ETH After Year of Inactivity

After a year-long pause, the Coinbase Commerce hacker swapped millions in DAI for ETH and used Tornado Cash to conceal transaction origins, Onchain Lens reports.

ETH
DAI

Summary

Blockchain analytics firm Onchain Lens reported that the Coinbase Commerce hacker, after a year of inactivity, exchanged $5.9 million in DAI for 2,038 ETH at an average price of $2,894. The ETH was subsequently transferred through Tornado Cash to obscure the transaction trail.

Terms & Concepts
  • DAI: A stablecoin pegged to the U.S. dollar, maintained through smart contracts on the Ethereum network.
  • ETH: The native cryptocurrency of the Ethereum blockchain, used for transactions, smart contracts, and decentralized applications.
  • Tornado Cash: A blockchain privacy tool that uses smart contracts to mix cryptocurrency transactions, making it harder to trace funds.