The cryptocurrency space has recently been experiencing a peculiar trend, as hackers shift from being just thieves to becoming traders who exploit opportunities. Leveraging on Ethereum’s (ETH) recent price rise, they push out their ill-gotten wealth to increase their loot.
According to a report from on-chain analytics firm Lookonchain, wallets linked to a hacker recently exchanged the stablecoin DAI for 8,637 ETH, worth about $39.26 million.
Hackers Go Shopping for ETH
Lookonchain reported that three wallets linked to hacking activities made a strategic trade about seven hours before the public alert was issued. They exchanged 38 million DAI for Ethereum at a notable rate of $4,401 per token, capitalizing on a 15% price rally in Ethereum triggered by ETF inflows and positive regulatory news.
To reduce slippage and improve transaction execution on decentralized exchanges like Uniswap, the hackers split their transactions across three accounts: 0xa454…873cFc, 0x4Ee3…196471, and 0x272c…C4B100. They likely used funds from earlier decentralized finance (DeFi) hacks and probably laundered the funds through cryptocurrency mixers, such as Tornado Cash, to conceal their origin.
Hackers Turn Traders
The latest development highlights a growing trend among hackers. Surprisingly, an increasing number of hackers are becoming involved in legitimate crypto trading. They mix dirty money with accepted trading practices, especially when the market is doing well.
For example, in May 2025, hackers stole $300 million from a Coinbase user. They later converted some of the stolen money into Ethereum when its price was low, spending $18.9 million, trading in September. In a separate incident, a breach at Bitrue in June 2025 led to the trading of 9,200 ETH, allowing criminals to profit as prices rose.
Additionally, a hacker linked to Radiant Capital in 2024 turned $52 million into $94 million by holding onto Ethereum during various market rallies. These events demonstrate the challenges of tracking and recovering stolen assets as cybercriminals exploit the anonymity offered by DeFi platforms. This poses significant challenges for regulatory authorities and cryptocurrency exchanges.
These cases demonstrate how increasingly difficult it is becoming for authorities and exchanges to track and recover these assets as hackers blend criminal activity with legitimate trading.
Mishael Nwani | July 24, 2026
Jonathan Agozie | July 24, 2026
