A wallet flagged as the “Coinbase hacker” by blockchain security firms has made headlines after purchasing $8 million worth of Solana (SOL) using reportedly stolen funds.
$8M Solana Purchase After Bridging USDC
According to Lookonchain, the hacker converted DAI to USDC, bridged funds to the Solana network, and bought 38,126 SOL near the $209 mark. With Solana now trading around $202.15, the hacker faces a paper loss on this investment.
Blockchain analytics platform Arkham labeled the wallet as connected to the Coinbase hack, with Lookonchain suggesting involvement in the $300 million theft from Coinbase users.
Hacker’s Previous Moves: ETH Buys in July
This wallet has been active in large crypto purchases before. In July, the hacker:
- Bought 4,863 ETH worth $12.55M on July 7
- Added 649 ETH worth $2.3M on July 19
Earlier, the hacker sold 26,762 ETH for $69.25M, drawing attention from analysts.
Radiant Capital Exploit Wallet Doubles Stash
The Coinbase hacker isn’t alone. A wallet tied to the Radiant Capital hack—a $58M exploit in October 2024—has been trading aggressively. The hacker recently turned $49.5M into $105M, mainly through ETH trades, a 114% increase.
Not all hackers succeed in trading. In July, another hacker lost $6.9M by panic selling during a market dip, later recovering $9.75M profit in August.
Key Takeaways
- $8M in SOL bought by wallet linked to Coinbase hack
- $300M reportedly stolen from Coinbase users
- Hackers using DeFi and bridges to move and trade funds
- Some hackers profit, others lose millions in panic trades
Security experts warn these movements highlight how stolen funds circulate through DeFi ecosystems, making recovery challenging.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.