A wallet address identified by blockchain security analysts as the “Coinbase hacker” purchased $8 million in Solana on Sunday with funds allegedly obtained through illicit means.
According to Lookonchain, the hacker exchanged DAI (DAI) for USDC (USDC), then moved to the Solana network and acquired 38,126 Solana (SOL) at approximately $209 through multiple transactions.
Currently, Solana is trading at $202.15, indicating that the hacker has incurred a paper loss since the transaction.
The blockchain analytics platform Arkham has labeled the wallet address as the “Coinbase hacker,” while Lookonchain asserts that the wallet is tied to the theft of over $300 million from Coinbase users.
Hacker purchased Ether in July
The alleged hacker was first noted by Lookonchain two months ago when the suspected cybercriminal sold 26,762 Ether valued at $69.25 million at that time.
In July, Lookonchain noted that there were also two significant acquisitions from the same wallet. On July 7, the hacker purchased 4,863 Ether for $12.55 million, and on July 19, they bought 649 Ether for $2.3 million, priced at $3,5621 per token.
Onchain investigator and security analyst ZachXBT estimated in May that Coinbase users lost a total of $330 million due to social engineering scams, reflecting an increase in sophisticated attack tactics targeting crypto holders.
Radiant Capital hacker amplifies earnings through trades
The Coinbase hacker is not alone in trading their ill-gotten acquisitions. Last week, a wallet associated with the Radiant Capital exploit purchased 4,913 Ether around Aug. 20 and subsequently sold 4,131 Ether on Saturday, generating a profit of $2.7 million.
“Their stolen $49.5M stash has now increased to over $105 million,” Lookonchain reported, signifying an increase of approximately 114%.
The decentralized finance protocol Radiant Capital was compromised in mid-October 2024, when the crosschain lending protocol experienced a $58 million cybersecurity breach on BNB Chain and Arbitrum.
The attacker converted proceeds into Ether, amassing about 21,957 Ether valued at approximately $103 million by Aug. 14, per Lookonchain.
Related: DOJ is investigating Coinbase data breach— Report
Industry experts informed Cointelegraph at that time that it was improbable to be a deliberate market-timing strategy, likely resulting from evasion tactics to obscure the stolen assets.
Unidentified hacker panic sells
Nonetheless, some hackers haven’t been as fortunate.
In July, Lookonchain was monitoring a wallet they identified as “likely belonging to hackers,” which sold 12,282 Ether and re-invested at a higher price during a market slump, resulting in a loss of $6.9 million.
“Hackers are not proficient at trading,” the firm commented.
During another market decline, the same wallet panic sold 4,958 Ether on Aug. 15, securing a profit of $9.75 million.
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