Coinbase Hacker Purchases $8 Million in Solana
A wallet identified by blockchain security analysts as the “Coinbase hacker” purchased $8 million worth of Solana on Sunday, allegedly using funds obtained through illicit means.
As reported by Lookonchain, the hacker first converted DAI (DAI) to USDC (USDC), subsequently bridging to the Solana network, where they acquired 38,126 Solana (SOL) at approximately the $209 price point through several transactions.
Current trading for Solana is at $202.15, indicating that the hacker has incurred a paper loss since the initial trade.
The blockchain analytics platform Arkham has identified this wallet address as that of the “Coinbase hacker,” while Lookonchain has stated that the wallet is connected to the theft of over $300 million from Coinbase users.
Lookonchain first spotlighted the alleged hacker two months ago, when they sold 26,762 Ether valued at $69.25 million at that time.
In July, Lookonchain noted two significant acquisitions from the same wallet. On July 7, this hacker purchased 4,863 Ether, costing $12.55 million, and then on July 19, they bought 649 Ether for $2.3 million, at a price of $3,562.1 per token.
Onchain investigator and security analyst ZachXBT estimated in May that Coinbase users lost about $330 million to social engineering scams, highlighting the increasing sophistication of attack methods aimed at defrauding cryptocurrency holders.
The Coinbase hacker isn’t the only individual engaging in trading with stolen funds. Last week, a wallet associated with the Radiant Capital exploit acquired 4,913 Ether on Wednesday, later selling 4,131 Ether on Saturday, yielding a profit of $2.7 million.
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Lookonchain indicated, “Their stolen $49.5M stash has now grown to over $105 million,” signifying a gain of roughly 114%.
The decentralized finance protocol Radiant Capital fell victim to hacking in mid-October 2024, experiencing a cybersecurity breach amounting to $58 million on BNB Chain and Arbitrum through its cross-chain lending protocol.
The perpetrator converted the proceeds into Ether, holding around 21,957 Ether valued at about $103 million as of August 14, according to Lookonchain.
Experts had informed us previously that it was improbable this represented a strategic market-timing decision; rather, it likely resulted from unintended consequences stemming from evasion tactics meant to hide the stolen assets.
Nevertheless, some hackers have faced less favorable outcomes.
In July, Lookonchain monitored a wallet they suspected belonged to hackers, which sold 12,282 Ether and then re-entered the market at a higher price during a downturn, culminating in a $6.9 million loss.
“Hackers are not good at trading,” the company remarked.
During another market decline, the same wallet quickly sold 4,958 Ether on August 15, securing a profit of $9.75 million.
