Wallet linked to Coinbase scam sold 8,776 ETH for $23.24M DAI.
Total of 26,554 ETH liquidated over 48 hours via THORChain.
Scammer used new wallets to cash out $68.72M.
Massive ETH Liquidation by Suspected Coinbase Scammer
A crypto wallet flagged as 0xb57, believed to be tied to the recent Coinbase scam, has raised fresh concerns after unloading a significant batch of Ethereum. Around 12 hours ago, this wallet dumped 8,776 ETH in exchange for $23.24 million in DAI, averaging $2,648 per ETH.
This transaction isn’t an isolated event. It is part of a much larger sell-off that has seen the same entity offload a total of 26,554 ETH — worth approximately $68.72 million — over the last two days. These sales were executed through fresh wallets to avoid detection and were facilitated using THORChain, a decentralized cross-chain swap protocol.
How the Scam Unfolded via THORChain
THORChain has become a popular route for anonymous swaps due to its decentralized nature. The scammer reportedly received the ETH from THORChain and quickly moved it through new, clean wallets. By doing so, they successfully cashed out without drawing immediate attention.
This method of laundering funds is becoming increasingly common as cybercriminals look for alternatives to centralized exchanges, which are more heavily monitored and regulated.
[Update] The wallet 0xb57, likely associated with the #Coinbase scammer, has sold an additional 8,776 $ETH for $23.24M $DAI at an average price of $2,648, ~12 hours ago.
In total, this scammer has received 26,554 $ETH from #THORChain and liquidated them for $68.72M $DAI at an… https://t.co/Uf9biGNmkP pic.twitter.com/pYNRgsmsDw
— Spot On Chain (@spotonchain) May 23, 2025
Community Urged to Stay Alert
The use of new wallets and the speed of liquidation highlight the sophistication of this operation. Crypto users and exchanges are advised to be vigilant and monitor wallet activities that exhibit similar patterns.
For real-time updates and wallet tracking, following trusted on-chain analysts like @spotonchain is recommended. Staying informed is key to protecting your assets in an environment where scams continue to evolve rapidly.
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