Coinbase Hackers Dey Wash $42.5M Stolen Crypto via THORChain Using BTC, ETH, and DAI Swaps

Published: 2025-05-23 18:56:20 |

Di people wey do big security breach for Coinbase dis month don start dey wash over $42.5 million wey dem steal for Bitcoin by swapping am to Ethereum and DAI using decentralized protocol wey dem dey call THORChain. Investigations from ZachXBT and PeckShield show say di hackers first change di stolen BTC to plenty ETH, then dem swap di ETH for millions of DAI stablecoins. Di wallets wey connect join do more ETH to DAI swaps, dey move di money around different addresses. Dis washing wahala show say dem still dey try escape detect and move di illegal funds through decentralized crypto systems. Coinbase talk say di breach na because some overseas support agents wey dem bribe, and e cause personal data from over 69,000 users to leak. Di attackers ask for $20 million BTC ransom, but Coinbase refuse. Di money wey go need to fix the wahala fit reach $400 million. Dis case show say security risk for centralized exchanges dey rise, regulators dey watch well-well, and people dey use decentralized platforms for wash stolen money. Crypto traders suppose dey look big blockchain swaps especially ETH to DAI and sabi say short-term wahala fit make market for ETH and DAI get more risk and wahala.

Bearish

Dis laundering of $42.5 million wey dem steal for crypto assets (BTC, ETH, DAI) through THORChain after di Coinbase security breach dey signal say risk for ETH and DAI don rise. Big, quick swaps dey usually increase market wahala and bring selling pressure, especially for di assets wey dem dey change. Di plenty movement of illegal ETH and DAI fit scatter liquidity pools or cause temporary price palava. For same time, di incident dey cause fear about crypto exchange security and stricter regulatory oversight, wey both fit reduce market feeling for affected tokens. Normally, news of hacks and laundering dey cause short- to mid-term price or trading activity fall for di related cryptocurrencies because of uncertainty and fear of increased enforcement.