A wallet address marked as the "Coinbase hacker" by blockchain security analysts utilized allegedly illicit funds to purchase 8 million Solana (SOL) on Sunday.
Lookonchain data shows that the hacker first exchanged DAI for USDC, then transferred it to the Solana network via cross-chain movement. In multiple transactions, he purchased 38,126 SOL at approximately $209 each.
Currently, the trading price of SOL is $202.15, putting the hacker at a paper loss.
The blockchain analysis platform Arkham has labeled this wallet address as the "Coinbase hacker," while Lookonchain states that the wallet is related to the case of over $300 million in stolen funds from Coinbase users.
Reportedly, the hacker first caught Lookonchain's attention two months ago when he sold 26,762 Ethereum (ETH) worth $69.25 million.
Lookonchain noted that in July, the wallet made two significant purchases. On July 7, the hacker bought 4,863 Ethereum (ETH) for $12.55 million; on July 19, he purchased 649 Ethereum (ETH) at $35,621 each, totaling $2.3 million.
Blockchain investigator and security analyst ZachXBT estimated in May that Coinbase users lost a total of $330 million due to social engineering scams. He pointed out that this reflects increasingly complex attack strategies targeting cryptocurrency holders.
In addition to the Coinbase hacker, others are also trading illicit gains. Last week, a wallet related to the Radiant Capital attack bought 4,913 Ethereum (ETH) around Wednesday and sold 4,131 Ethereum (ETH) on Saturday, realizing a profit of $2.7 million.
Lookonchain stated that the $49.5 million in stolen funds has now increased to over $105 million, a growth of about 114%.
The decentralized finance protocol Radiant Capital was attacked in mid-October 2024, with $58 million stolen from the cross-chain lending protocol on the BNB chain and Arbitrum.
The attacker converted the proceeds into Ethereum (ETH), and Lookonchain data shows that as of August 14, he held approximately 21,957 Ethereum (ETH), totaling about $103 million.
Experts suggest that this is more likely an unintended consequence of hackers' attempts to evade tracking and conceal illicit funds, rather than a deliberate market timing strategy.
However, some hackers have not been so fortunate.
In July, Lookonchain tracked a wallet marked as "possibly belonging to a hacker," which sold 12,282 Ethereum (ETH) at a higher price during a market downturn and then bought back, ultimately incurring a loss of $6.9 million.
"Hackers are not good at trading," Lookonchain pointed out.
In another round of market decline, the wallet panic-sold 4,958 Ethereum (ETH) on August 15, making a profit of $9.75 million.
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Original article: “Crypto wallet labeled as ‘Coinbase hacker’ spends $8 million on Solana (SOL)”
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