- Hacker who stole $300M from Coinbase returns with a fresh ETH buy worth $12.5M.
- Ethereum remains the most targeted blockchain in 2025, facing over $38M in losses.
- Regulatory landscape shifts as Tornado Cash sanctions are overturned by U.S. courts.
On July 6, the hacker responsible for siphoning over $300 million from Coinbase users resurfaced with a notable crypto move.
The wallet that was connected with the hacker purchased 4,863 ETH, consuming $12.55 million DAI in the process at an average token value of $2,569. This purchase follows a previous selloff in May when the same account had sold 26,762 ETH for a staggering $69.25 million.
Notably, the latest acquisition by the hacker was made solely through a small percentage of their total stablecoin deposits. Onchain Lens identified the culprit as still owning $45.36 million in DAI in two wallets, citing future potential for continued buildups.
The movement has been highlighted because it has been so large and consistent, and back it has tracked wallet movement through transactions through THORChain.
This action of converting enormous amounts of Ethereum into and from DAI has surprised the blockchain communities. Two wallets had swapped 17,779 ETH for $45.48 million on the 21st of May before they carried out the strange reentry by buying 207 ETH for $536K.
The following day, the same account was reported to have received and unloaded another 8,775 ETH, which sealed the enormous 26,347 ETH withdrawal worth $68.18 million in total at an average price rate of $2,587.77 in under 12 hours.
Also Read: Tokenized AUM on Ethereum Hits All-Time High
Ethereum Tops $38M in Losses as Blockchain Hacks Surge
Except for this one incident, the broader blockchain ecosystem has witnessed criminal activity surge. In SlowMist’s mid-year Blockchain Security and AML Report, it was reported that the industry had lost some $2.37 billion in 121 incidents in the first half of 2025.
This is a 66% rise in the same period in 2024 in spite of the fall in the number of exploits. Ethereum remained the most exploited chain with $38.59 million in losses. Solana and BSC followed with $5.8 million and $5.49 million, respectively.
Where institutional hacks remain a threat, direct retail user scams have spread, often using AI-driven techniques in the process. The extremely rapid rate at which the systems utilized in fraud change themselves indicates growing weaknesses in user-facing systems.
Tornado Cash Ban Lifted as U.S. Shifts Crypto Stance
In regulatory circles, recent decisions in the U.S. reflect a policy shift in the regulations used for regulating blockchain platforms. In March, the United States Department of the Treasury removed Tornado Cash and related addresses from the list of sanctions by OFAC.
This reversal came following a final ruling by the United States District Court in Texas on April 30, which declared previous sanctions unlawful.
In April, the Department of Justice made a tactical change when it split its National Cryptocurrency Enforcement Team.
Its internal guidelines now encourage prosecutors to choose cases involving actual harm to investors, e.g., money laundering related to terrorism or hacker groups, and steer clear of neutral privacy services or wallets.
Also Read: Ethereum (ETH) Repeats Explosive 2017 Pattern: Is a 10x Rally Unstoppable in 2025?
