Coinbase Hacker Converts $42.5M BTC via Thorchain

Hacker Taunts ZachXBT, Dumps ETH for $22M in DAI

After stealing over $300 million from Coinbase users, Hacker takes a bold Step by Swapping $42.5M in Bitcoin 

The hacker behind one of the biggest cryptocurrency thefts, Coinbase hack, has made a comeback in a bold string of transactions. The attacker recently carried off a significant exchange of $42.5 million in Bitcoin (BTC) to Ethereum (ETH) using the decentralised protocol Thorchain, which permits cross-chain exchanges without middlemen.

After the switch, the cyberpunk dared to send a onchain message taunting ZachXBT, a well-known blockchain expert. This act of provoking shows that they are still active and paying great attention, and it seems to be a challenge or declaration of confidence.

Who is ZachXBT ?

In the cryptocurrency world, ZachXBT is a well-known community for revealing fraudulent schemes, hacks, and scams.

ZachXBT initially made it public by posting a notification on the Investigations Telegram channel.  The threat actor, according to him, is the same individual or group responsible for the Coinbase user data hack.   "L bozo," the hacker typed Wednesday night via an Ethereum transaction, utilising the input data message feature of the blockchain.  A link to a YouTube meme video of NBA icon James Worthy smoking a cigar was included after the statement.  The hacker's remark, in slang, was used to criticise ZachXBT as a "loser" or someone incompetent by using the "L," which stands for "loss."

 8,698 ETH were cashed out for $22.12M In DAI.  

The cyberpunk exchanged 8,698 ETH for $22.12 million in DAI, a stablecoin based on the US dollar, shortly after the BTC-to-ETH exchange. This intentional dump not only allowed the hacker to lock in value, but also sparked debate in the crypto community about onchain privacy and laundering strategies.

Even with more surveillance and analytical capabilities to monitor cryptocurrency transfers, the attacker is still able to transfer substantial sums of money without being stopped. The challenges in recovering stolen assets and the enforcement limits of decentralised finance (DeFi) are highlighted by this sequence of events.

Security Concern and Response From Crypto Community 

Concern and attention have been raised by the onchain taunt directed at ZachXBT, who has established a reputation for uncovering cryptocurrency thefts and scams. The inability to freeze or recover stolen funds once they have been switched and bridged across protocols has alarmed many users. 

It is evident from the Coinbase hacker's ongoing asset transfers and public communications that the attacker is not only technically proficient but also brave enough to interact with the cryptocurrency community directly. Better cross-chain monitoring solutions are desperately needed, and this incident highlights the continued difficulties in blockchain security.