Hacker Spends 12.5 Million Dai to Buy 4,863 ETH After Coinbase Theft, Holds 45.36 Million Dai

On July 7th, blockchain analytics platform Onchain Lens reported a significant transaction involving a hacker who, after compromising a Coinbase account, utilized 12.5 million Dai to acquire 4,863 ETH at an average price of $2,569 per Ethereum. This strategic conversion of stablecoin to ETH highlights a notable shift in asset allocation by the malicious actor. Currently, the hacker retains approximately 45.36 million Dai distributed across two distinct wallets, indicating potential further accumulation of Ethereum. Market participants and security analysts are closely monitoring these movements to assess any broader implications on liquidity and price stability within the crypto ecosystem. This incident underscores the critical importance of robust security protocols for digital asset custodians and users alike.