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ETH Unknown wallets (marked as hackers) spent approximately US$38.53 million on ETH during the rise
An unknown wallet described as a "hacker" spent approximately US$38.53 million on ETH during the rise in Ethereum prices. The on-chain deal triggered alarm among Ethereum observers, who tried to interpret the buyer's intentions amid a market rebound.
The identity of the buyer is still unknown, and the wallet is marked as belonging to a hacker rather than a known entity. According to chain analysts, the deal was completed within hours using DAI and USDS stablecoins. Because the funds came from an address linked to a previous security breach, the activity is subject to more scrutiny than ordinary spot purchases.
Key Points
Key Points 1: The buyer's identity is unknown and the wallet is marked as a hacker.
Point 2: The wallet deployed approximately US$38.53 million to purchase ETH.
Point 3: Buying occurs during the ETH price rise, not during the correction.
Why buying when ETH is rising attracts attention
The focus of traders is to actively open positions when prices are strong rather than waiting for a correction. The purchase reportedly occurred during the ETH rally, which characterized it as a belief based buy rather than a discount entry.
Choosing to use DAI and USDS to fund purchases also linked this to stablecoin flows. The use of stablecoins on the chain has grown with the launch of new US dollar tokens, including a US dollar stablecoin registered in the United Arab Emirates added to self-managed wallets, and a US$1 billion institutional credit product backed by Ethena's USDe. When a marked wallet converts a stablecoin balance into ETH, this sends a signal for a directional bet rather than storing value in dollars.
What Ethereum watchers may focus on next
The clearest confirmation sign from here is subsequent wallet activity: further purchases, transfers to exchanges, or entering the DeFi space, which will indicate whether this is a one-time operation or the beginning of continuous accumulation. A single large purchase by itself does not establish a long-term trend.
The secondary signal is ETH's price reaction hours or days after the reported buy. At the same time, stablecoin regulation is tightening, and U.S. regulators say the final version of the GENIUS Act rules may be introduced in November. This background may affect how marked wallets move U.S. dollar tokens in the future. For now, the deal is only used as a noteworthy data point on the chain rather than evidence of the future direction of Ethereum.
Disclaimer: This article is for information only and does not constitute financial or investment advice. There are significant risks in the cryptocurrency and digital asset markets. Be sure to conduct independent research before making a decision.
