A wallet address identified by blockchain security experts as the “Coinbase hacker” acquired $8 million in Solana on Sunday, reportedly using funds obtained through illegitimate means.
According to Lookonchain, the hacker converted DAI (DAI) into USDC (USDC), subsequently bridging to the Solana network to purchase 38,126 Solana (SOL) near the $209 price point through various transactions.
Currently, Solana is priced at $202.15, indicating a paper loss for the hacker since the acquisition.
Arkham, a blockchain analytics platform, has flagged this wallet as belonging to the “Coinbase hacker,” while Lookonchain revealed that this wallet is associated with the theft of over $300 million from Coinbase users.
Hacker purchased Ether in July
The alleged hacker first came under Lookonchain’s scrutiny two months ago when they sold 26,762 Ether valued at $69.25 million at that time.
In July, Lookonchain noted two significant purchases made from the same wallet. On July 7, the hacker acquired 4,863 Ether for $12.55 million, followed by a purchase of 649 Ether for $2.3 million on July 19, at a price of $3,562.1 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 tactics aimed at defrauding cryptocurrency holders.
Radiant Capital hacker expands holdings through trades
The Coinbase hacker isn’t the sole trader of illicit funds. Last week, a wallet linked to the Radiant Capital exploit acquired 4,913 Ether around Wednesday and sold 4,131 Ether on Saturday, realizing a profit of $2.7 million.
“Their stolen $49.5M stash has now increased to over $105 million,” Lookonchain stated, marking a growth of approximately 114%.
The decentralized finance protocol Radiant Capital faced a cybersecurity breach in mid-October 2024, resulting in a $58 million hack on the BNB Chain and Arbitrum.
The attacker converted their proceeds into Ether, currently holding around 21,957 Ether valued at approximately $103 million as of Aug. 14, according to Lookonchain.
Related: DOJ is probing Coinbase data breach— Report
Experts advised Cointelegraph at the time that this was unlikely to represent a deliberate market-timing approach, but rather an unintended outcome stemming from evasion tactics to conceal the stolen assets.
Unknown hacker suffers panic selling
Conversely, some hackers have not been as fortunate.
In July, Lookonchain was monitoring a wallet they labeled as “likely belonging to hackers,” which offloaded 12,282 Ether and then repurchased at a higher rate amid a market decline, incurring a loss of $6.9 million.
“Hackers are not proficient traders,” the firm remarked.
During another market downturn, the same wallet panicked sold 4,958 Ether on Aug. 15, securing a profit of $9.75 million.
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