According to PeckShieldAlert, an address closely associated with the threat actor responsible for stealing over $300 million from Coinbase users has swapped 8,775 ETH for 23 million DAI and transferred the funds to a new address (0x5202...7a81) [source: PeckShieldAlert Twitter]. This large-scale conversion from Ethereum to DAI suggests an attempt to obfuscate funds and minimize volatility risk. Traders should closely monitor DAI and ETH liquidity, as sudden movements like these can affect market sentiment and short-term price stability, especially amid increased scrutiny on centralized exchanges and stablecoin flows.

According to PeckShieldAlert, the threat actor responsible for stealing over $300 million from Coinbase users through bribery of customer support has swapped 8,697 ETH for 22 million DAI. Additionally, another address tied to this hack, receiving 9,081 ETH from THORChain, has exchanged those funds for 23 million DAI. These large-scale Ethereum-to-DAI swaps, totaling over $45 million, could create significant short-term selling pressure on ETH, potentially impacting liquidity and price volatility across major DeFi trading pairs. The rapid conversion of ETH to stablecoins following high-profile hacks is a key indicator for traders to monitor for further potential market disruptions. (Source: PeckShieldAlert on Twitter, May 22, 2025)

According to Lookonchain, the hacker responsible for stealing over $300 million from Coinbase users recently sent a taunting message to ZachXBT and sold 8,698 ETH for $22.12 million DAI, as tracked by Etherscan (source: Lookonchain on Twitter, May 22, 2025; etherscan.io). This large-scale ETH-to-DAI transaction highlights significant sell pressure on Ethereum and potentially increased volatility in the DeFi sector. Traders should closely monitor ETH price action and on-chain flows for further liquidation events or market instability related to these stolen funds.