Blockchain security experts are keeping a close watch on a digital wallet that may be associated with a security breach at the Coinbase exchange. Recent activity shows this wallet using a significant amount of stablecoins to acquire Solana.
The wallet in question has been actively buying SOL, with recent purchases amounting to roughly $8 million.
Analysis from blockchain analytics firm Lookonchain suggests that the wallet initially converted DAI into USDC. It then utilized a bridging service to transfer these funds to the Solana blockchain, where it executed several trades, obtaining 38,126 SOL tokens at an average price of around $209 each.
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Solana’s market price has since seen a slight decrease, trading around $202.15 at the time of this update. This dip suggests a potential paper loss on the wallet’s recent SOL acquisition.
This particular wallet has been under observation for several months due to its notable transactions. Back in May, Lookonchain reported a significant sale of 26,762 ETH from this wallet, which was valued at approximately $69.25 million at the time.
Earlier in the year, during July, the same wallet conducted multiple ETH purchases. One transaction on July 7th involved 4,863 ETH (valued at $12.55 million), followed by another on July 19th for 649 ETH (valued at $2.3 million), with a reported purchase price of $3,5621 per ETH.
Arkham Intelligence has identified this address as potentially belonging to the “Coinbase hacker,” while Lookonchain estimates the wallet could be associated with the theft of over $300 million from compromised accounts tied to Coinbase.
In related news, Coinbase recently disclosed a $300,000 loss due to a token approval issue. You can learn more about this incident by reading the detailed report.