Coinbase Hacker Swaps $42.5M BTC for ETH via Thorchain, Taunting ZachXBT

In a daring series of transactions, the Coinbase hacker—behind one of the largest crypto heists—has resurfaced. After stealing

A hacker, known for stealing approximately $300 million from Coinbase users in one of the largest crypto heists, has resurfaced, executing a major swap of Bitcoin (BTC) to Ethereum (ETH).

What Happened: The hacker used the decentralized protocol Thorchain to exchange $42.5 million BTC for ETH, leveraging the platform's ability to facilitate 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.

Shortly after, the hacker sold 8,698 ETH, converting it into $22.12 million in DAI, a stablecoin pegged to the US dollar. This move is likely part of a broader strategy to cash out a portion of the stolen funds while minimizing attention.

The hacker's actions have sparked discussion about onchain privacy and laundering techniques used to obfuscate cryptocurrency transactions. 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 despite the technological advancements in recent years.

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