According to the latest investigation report by well-known on-chain detective ZachXBT, there has been new progress in the hacking incident suffered by Coinbase. After successfully stealing a large amount of funds, the attackers quickly took a series of complex fund transfer operations.

The investigation shows that hackers exchanged approximately 5 million DAI for an equivalent amount of USDC stablecoin. This amount only stayed in USDC form for 35 minutes before being transferred across chains. Notably, Circle did not take compliance freeze measures during this brief window, which created conditions for the attackers' subsequent fund transfers.

The incident was caused by a hacker bribing Coinbase customer service personnel through illegal means to gain access to user accounts. It is reported that the total loss from this attack exceeded $300 million, causing significant financial damage to Coinbase and its users.

This incident highlights once again the security challenges faced by cryptocurrency exchanges and the importance of quickly tracking and freezing stolen funds after an attack. At the same time, it reminds us that even large centralized exchanges can become targets for hackers in the blockchain world, and users need to be extra cautious when choosing a trading platform.

As the investigation deepens, the industry looks forward to seeing more technical details about this attack, as well as how Coinbase and the relevant parties will respond to the subsequent measures of this security incident. This will undoubtedly become an important case for the cryptocurrency industry to discuss and improve security mechanisms.