A hacker linked to the Coinbase breach dumped 26,554 ETH worth $68M and mocked investigator ZachXBT with an on-chain insult.
The attacker used multiple wallets and THORChain to obfuscate the ETH-to-DAI swaps and later repurchased ETH, hinting at tactical moves.
Coinbase tightened security, DOJ launched a probe, and Cetus offered a whitehat deal after separate $223M exploit on its protocol.
According to Spot On Chain, a sophisticated hacker, linked to the recent Coinbase data breach, has offloaded a massive stash of Ethereum worth over $68 million. The attacker, traced to wallet 0xb57, executed multiple ETH-to-DAI swaps totaling 26,554 ETH through THORChain in just 48 hours. These transactions were spread across newly created wallets, suggesting efforts to avoid detection.
8,776 ETH were sold for $23.24 million at an average price of $2,648 around 12 hours ago the time spot on chain reported. Previously, the same entity liquidated 17,778 ETH for $45.48 million via three wallets. This brings the average price across all sales to $2,588.
Hacker’s On-Chain Taunt and Buyback Strategy
Besides the massive ETH dump, the hacker mocked blockchain investigator ZachXBT with a taunting on-chain message. The input data read “L bozo,” an internet insult meaning “loser,” and linked to a James Worthy cigar-smoking video—an apparent celebration.
However, the stunt did not end there. One wallet re-purchased 207.17 ETH for $536,000 shortly after the sales, hinting at a short-term trading strategy or further obfuscation attempts. Additionally, ZachXBT confirmed through his Telegram channel that the individual behind these messages is the same person responsible for the Coinbase data theft. The breach affected 69,461 users and was rooted in a high-level social engineering attack.
Fallout and Industry Repercussions
Coinbase responded swiftly by firing compromised support staff and increasing its internal security controls. Moreover, the U.S. Department of Justice launched an active investigation into the hack. The hacker initially demanded a $20 million ransom for not releasing user data. Instead, Coinbase offered a $20 million reward for information leading to an arrest.
Meanwhile, Cetus Protocol, a top decentralized exchange on Sui, is handling its own crisis. The platform offered a $6 million bounty for a hacker who stole $223 million. Furthermore, Cetus confirmed the attacker’s Ethereum wallet and issued a time-sensitive “whitehat” settlement offer. The attacker can return most of the stolen ETH in exchange for immunity and a small portion of the funds.
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