A blockchain security analyst has identified a wallet address associated with the “Coinbase hacker,” which purchased $8 million in Solana on Sunday with funds allegedly obtained through illegal means.
According to Lookonchain, the hacker converted DAI to USDC, then bridged to the Solana network to acquire 38,126 Solana at approximately $209 through several transactions.
Currently, Solana is trading at $202.15, indicating that the hacker has incurred a paper loss post-trade.
Arkham, a blockchain analytics platform, has labeled the wallet address as the “Coinbase hacker,” while Lookonchain claims this wallet is linked to the theft of over $300 million from Coinbase users.
Source: Lookonchain
Hacker bought Ether in July
The suspected hacker first caught Lookonchain’s attention two months ago after they sold 26,762 Ether valued at $69.25 million at that time.
Source: Lookonchain
In July, Lookonchain noted two significant purchases from the same wallet. On July 7, the hacker acquired 4,863 Ether for $12.55 million, and on July 19, they purchased 649 Ether for $2.3 million at a price of $3,562.1 per token.
According to onchain investigator ZachXBT, in May, the total losses incurred by Coinbase users due to social engineering scams reached $330 million, reflecting the increasing sophistication of attack strategies targeting crypto holders.
Radiant Capital hacker grows stack through trades
The Coinbase hacker is not alone in trading illicit earnings. Recently, a wallet associated with the Radiant Capital exploit acquired 4,913 Ether last Wednesday and sold 4,131 Ether on Saturday, netting a profit of $2.7 million.
“Their stolen stash of $49.5 million has now surged to over $105 million,” Lookonchain noted, marking an increase of about 114%.
Radiant Capital, a decentralized finance protocol, was breached in mid-October 2024 during a $58 million cybersecurity incident involving the BNB Chain and Arbitrum.
The attacker exchanged profits for Ether, holding approximately 21,957 Ether valued at about $103 million as of August 14, according to Lookonchain.
Related: DOJ is investigating Coinbase data breach— Report
Experts previously informed Cointelegraph that this did not appear to be a calculated market-timing approach, but rather an unintended result of techniques used to conceal the stolen funds.
Unknown hacker panic sells
However, not all hackers have experienced such fortune.
In July, Lookonchain tracked a wallet deemed “likely belonging to hackers,” which sold 12,282 Ether and re-entered the market at a higher price during a downturn, leading to a loss of $6.9 million.
“Hackers are not skilled traders,” the firm remarked.
During another market dip, the same wallet panic sold 4,958 Ether on August 15, securing a profit of $9.75 million.
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