I panicked initially when I saw this news before I realized it was nothing near hacking, and this cools my mind. It was just a withdrawal and might be a panic withdrawal though after the FTX palaver. It might be that the person or persons were trying to move their investments to fiat or another wallet. But I don't see a reason why anyone would move to another wallet from Coinbase since they are better regulated.
Yes, it is not hack at all, it can also happen. It is insane that such huge amount can be on an exchange and left alone there. It was moved from Coinbase which was refered to Coinbase exchange.
The data shows that Coinbase is not the only exchange experiencing large BTC withdrawals. The chart below demonstrates the BTC balance on all exchanges since January 2018, and a significant downfall can be seen since January 2022.
We hope people continue to know the benefit of noncustodial wallet, but this may be about the person not ready to sell for fiat or convert to set, but to hold in long term.