The Hacker Responsible for One of the Largest Breaches in Coinbase’s History Has Begun Laundering Stolen Funds

The hacker responsible for one of the largest breaches in crypto exchange Coinbase’s history has begun laundering stolen funds and is openly mocking investigators

The hacker responsible for one of the largest breaches in crypto exchange Coinbase’s history has begun laundering stolen funds and is openly mocking investigators while doing so, according to blockchain analytics platform Spot On Chain.

According to Spot On Chain, the threat actor sold 17,778 ETH, worth approximately $45.48 million, and converted to DAI stablecoins at an average price of $2,558 per ETH. The transactions reportedly zipped through three newly created wallets over just four hours.

The hacker, who stole over $300M from #Coinbase users, sold 17,778 $ETH for 45.48M $DAI at an average price of $2,558 via 3 new wallets over the past 4 hours!

Notably:• These ETH were laundered via #THORChain.

• Shortly after selling, one wallet spent 536K DAI to buy back 207.17 ETH at a higher average price of $2,587.

The message reads "L bozo" and includes a link to a YouTube video showing NBA legend James Worthy smoking a cigar.

The hangout was publicized by ZachXBT via the Investigations Telegram channel, where he confirmed that the threat actor is the same individual or group behind the massive data breach targeting Coinbase customers.

According to data from Etherscan, the same wallet (tagged as “Fake_Phishing1158790”) moved 8,698 ETH, worth over $22.6 million, shortly after sending the provocative message.

The saga unfolded after a data breach affected at least 69,400 Coinbase customers. Discovered on May 11, the breach reportedly stems from a vulnerability exploited in December of the previous year.

Cyber criminals bribed and recruited rogue overseas support agents to pull personal data on <1% of Coinbase MTUs. No passwords, private keys, or funds were exposed. Prime accounts are untouched. We will reimburse impacted customers. More here: https://t.co/SidVn59JCV

In response to Coinbase’s refusal to pay a $20 million ransom in Bitcoin, the hacker has escalated both technical maneuvers and psychological warfare. On the other hand, Coinbase countered with its own $20 million bounty, aiming to incentivize whistleblowers or informants to aid in the arrest of the perpetrator(s).