The perpetrator involved in the notorious hack of the cryptocurrency exchange Coinbase exchanged $42.5 million in cryptocurrency using the decentralized protocol THORChain. Additionally, the hacker left a brazen message on the Ethereum network addressed to well-known crypto analyst ZachXBT.
This is reported by Business • Media
How the Hack Occurred and Analysts’ Reactions
“The same perpetrator who paid Coinbase’s support team to steal data from nearly $300 million worth of users just started trolling me on-chain after exchanging over $42.5 million from Bitcoin to Ethereum via THORChain,” the analyst wrote.
Starting from March 2025, according to ZachXBT, the criminals used 14 cryptocurrency wallets to steal funds from Coinbase customer accounts. In May, the total amount of losses exceeded $90 million, with $45 million stolen in just one week.
Details of the Breach and Legal Consequences
On May 15, Coinbase officially confirmed the data breach, stating that the incident affected less than 1% of users. Among the stolen information were data from the Know Your Customer (KYC) process, addresses, and phone numbers. The hackers gained access to the data by bribing support staff, likely outside the U.S., including in India, and using social engineering techniques.
Coinbase decided not to pay the demanded ransom of $20 million, instead creating a special fund of the same amount to seek out and punish those responsible. Customers were promised compensation for their losses and were informed of cooperation with law enforcement.
Following the disclosure of the breach, Coinbase’s stock fell by more than 7%. Two class-action lawsuits have been filed against the company for inadequate customer notification and possible negligence, and the U.S. Department of Justice has launched a criminal investigation into the incident.
It was previously reported that among the victims was Los Angeles artist Ed Suman, who lost over $2 million in retirement savings in cryptocurrencies because scammers, armed with his personal information, convinced him to provide the seed phrase for his cold wallet.