Core Insights - A cryptocurrency account linked to the "Coinbase hacker" has been actively trading, resulting in significant losses during a capitulation event in Ethereum trading [1][4] - The May 2025 data breach led to user fund transfers being tricked, with losses estimated between $180 million and $400 million [2] - On-chain analysts, including ZachXBT and Arkham Intelligence, have been tracking the activities of the alleged hacker [3] Trading Activities - The hacker's account purchased 3,976 ETH for $18.9 million at $4,756 per token on September 13, but sold it two days later for $17.98 million at $4,522 per ETH, incurring a loss of approximately $932,000 [4] - The trading is conducted on decentralized exchanges, which are designed to be censorship-resistant, allowing the hacker to operate without sanctions [6] Decentralized Trading Protocols - CoW Protocol, also known as CoW Swap, facilitates trading by allowing users to delegate trade execution to competitive algorithms that optimize exchange rates [7] - The inability to prevent the alleged hacker from trading is linked to the decentralized nature of the systems, which do not impose sanctions unless funds are moved to centralized platforms [8]