Hacker swapped $42.5M BTC for ETH via Thorchain
Sent onchain message taunting ZachXBT
Dumped 8,698 ETH for $22.12M in DAI
Hacker Makes a Bold Move with $42.5M BTC Swap
In a daring series of transactions, the Coinbase hacker—behind one of the largest crypto heists—has resurfaced. After stealing approximately $300 million from Coinbase users, the attacker recently executed a major swap of $42.5 million in Bitcoin (BTC) to Ethereum (ETH) using the decentralized protocol Thorchain, which allows cross-chain swaps without intermediaries.
Following the swap, the hacker took the opportunity to mock well-known blockchain sleuth ZachXBT with an onchain message. This act of provocation appears to be a challenge or statement of confidence, demonstrating that they are still active and watching closely.
8,698 ETH Cashed Out for $22.12M in DAI
Shortly after the BTC-to-ETH swap, the hacker sold 8,698 ETH, converting it into $22.12 million in DAI, a stablecoin pegged to the US dollar. This strategic dump not only allowed the hacker to lock in value but also stirred discussions across the crypto community about onchain privacy and laundering techniques.
Despite increased surveillance and analytical tools used to track crypto movements, the attacker continues to move large amounts of funds without being stopped. This series of events highlights the limitations of decentralized finance (DeFi) in terms of enforcement and the difficulties in recovering stolen assets.
NEW: The hacker who stole $300M from Coinbase users sent a taunting message onchain to ZachXBT after swapping $42.5M worth of $BTC to $ETH via Thorchain.
Then, they sold 8,698 $ETH for $22.12M $DAI. pic.twitter.com/yNq87hVvUR
— Cointelegraph (@Cointelegraph) May 22, 2025
Community Response and What Comes Next
The onchain taunt towards ZachXBT, who has built a reputation for exposing crypto scams and hacks, has drawn attention and concern. Many users have expressed frustration over the inability to freeze or reclaim stolen funds once they’re swapped and bridged across protocols.
As the Coinbase hacker continues to move assets and communicate publicly, it becomes clear that the attacker is not only technically savvy but also bold enough to engage directly with the crypto community. This incident underscores the ongoing challenges in blockchain security and the urgent need for better cross-chain monitoring solutions.
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