Coinbase Hacker Launders $44.94M ETH via THORChain
- Significant ETH transferred after Coinbase breach, through THORChain.
- ETH valued at $44.94M swapped for DAI.
- On-chain activity impacts market and industry protocols.
Nut Graph: The event underscores security concerns and repercussions within decentralized finance protocols, raising questions about protocol roles in illicit fund movements.
The hacker used THORChain to convert $42.5 million from Bitcoin to Ethereum on May 21. This maneuver is linked to a sequence of events initiated by the 2024 Coinbase data breach.
ZachXBT, a renowned blockchain investigator, attributed these actions to the same party involved. “L bozo.” – ZachXBT, Blockchain Investigator, Expert investigations highlighted mass liquidation of Ethereum, complicating market conditions.
The Ethereum sell-off led to significant sell pressure and liquidity impacts in related pools. THORChain’s role in facilitating swaps drew scrutiny amid ongoing concerns of compliance lapses.
Coinbase’s official filings indicate possible breach costs in the range of $180 million to $400 million. This includes broader incident reparations, underscoring potential financial ramifications.
Coinbase faces multiple lawsuits alleging security inadequacies and response failures. On-chain investigators and crypto communities continue to monitor fund movements closely.
Historical patterns with cross-chain exposures highlight potential regulatory scrutiny. The dump echoes past hacks using privacy-centric platforms, emphasizing the need for vigilant protocol assessments.
