The $300M Heist Just Got Smarter
In a brazen financial dance, the hacker responsible for stealing over $300 million from Coinbase users executed two strategic Ethereum moves:
- Two months ago, they dumped 26,762 ETH ($69.25M) at $2,588 per coin
- Hours before this report, they bought 4,863 ETH ($12.55M) at $2,581
Blockchain analysts at Lookonchain spotted these transactions, revealing what experts call a “chip-and-dip” strategy to launder stolen crypto.
Coinbase's Counterattack: Bounties & Security Upgrades
While the hacker plays markets, Coinbase is fighting back:
✓ Rejected $20M ransom, offered $20M bounty for arrests
✓ Deployed US only support hubs and real-time scam alerts
✓ Committed $400M for victim reimbursements - praised by TRM Labs as industry gold standard
Crypto's Growing Security Crisis
This breach reflects industry wide vulnerabilities:
- $2.47B stolen in H1 2025 - already surpassing 2024's total
- Ethereum most targeted chain: $1.5B stolen in 164 attacks
"Cross-chain bridges turn crypto into a thief's playground"
notes blockchain analyst Lena Jiang. "Tracing funds becomes impossible once they jump to Ethereum or Avalanche."
3 Critical Steps for Investors
1. Enable multi-factor authentication - especially SMS-based codes
2. Monitor official breach updates for reimbursement claims
3. Treat unsolicited "support" calls as red flags - the original hack used social engineering