Coinbase Hacker Secures Massive DAI Exchange with THORChain

A suspected perpetrator of the 2022 Coinbase breach has recently executed a large-scale ETH to DAI exchange via THORChain. This hacker, utilizing newly generated wallets and the decentralized protocol’s anonymity features, liquidated approximately $68.7M worth of ETH in DAI over a short timeframe, raising concerns about DeFi privacy and investigation hurdles. 26,554 ETH were exchanged for DAI, with initial sales totaling $68.7 million. The suspect has been using this technique to mask their origins and evade regulatory scrutiny by moving funds through various new wallets and cross-chain protocols like THORChain.