According to reports from on-chain analyst ZachXBT on May 22, 2025, a hacker involved in the theft of $300 million from Coinbase users exchanged $42.5 million in Bitcoin ($BTC ) for Ethereum ($ETH ) through the decentralized protocol Thorchain. The attacker also left a provocative message on the blockchain mocking the investigators. Later, 8,698 ETH was converted to $22.12 million in DAI stablecoin, indicating an intention to launder the funds. Another associated wallet exchanged 9,081 ETH for $23 million in DAI.
Coinbase reported that a hacker gained access to the data of 97,000 users by bribing a customer support employee outside the US. The exchange estimates investigation and compensation costs to be between $180–400 million but refused to pay a ransom of $20 million. The company is cooperating with law enforcement to trace the assets, although the use of Thorchain complicates this process due to its cross-chain capabilities. The attack highlights the vulnerability of centralized exchanges and the need for enhanced cybersecurity.
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