A previously dormant wallet linked to the massive $300 million Coinbase hack has suddenly sprung back to life, sparking renewed interest and speculation across the crypto community.
Blockchain tracking tools revealed that the address purchased 4,863 ETH—worth approximately $12.55 million—on-chain earlier today.
This marks the first activity from the wallet in nearly two months. According to Lookonchain data, Ethereum was acquired at an average price of $2,581 per token. The move comes on the heels of Ethereum’s modest price rise to $2,562, fueling discussions about the hacker’s potential intentions.
Back in May 2025, the same wallet liquidated 26,762 ETH for over $69 million. Before that, the hacker had converted a similar amount—26,347 ETH—for roughly $68.18 million in DAI, using THORChain to facilitate the transactions. That timing also coincided with key price levels in Ethereum’s market cycle.
The re-emergence has sparked intrigue not only because of the scale of funds involved, but also because it follows reports linking the address to the Coinbase breach that affected nearly 97,000 users.
Among those impacted was Sequoia Capital’s Managing Partner, Roelof Botha. Investigations suggest the breach was made possible through the bribery of a third-party contractor based outside the United States.
Observers are now trying to decode whether the ETH purchase reflects confidence in the market or is part of a larger strategic plan. “This isn’t just someone lucky with timing,” one user noted on X. “They clearly understand both cybersecurity and crypto market dynamics.”
