A digital wallet, identified by blockchain security researchers as belonging to the “Coinbase hacker,” reportedly invested $8 million in Solana (SOL) on Sunday, using funds believed to be illegally obtained.
Details shared
by Lookonchain indicate the suspected hacker converted DAI (
DAI Price
) to USDC (
USDC Price
), subsequently transferring these funds to the
Solana blockchain
. The individual then proceeded to purchase 38,126 SOL at an approximate price of $209 each across multiple transactions.
With the current Solana market price hovering around $202.15, this investment currently reflects an unrealized loss for the involved party.
Arkham, a blockchain analysis platform, has identified the wallet as belonging to the “Coinbase hacker,” with Lookonchain alleging that the wallet is connected to thefts totaling over $300 million from Coinbase customers.
Lookonchain
Ether Purchases Preceded Solana Investment
The cryptocurrency activities of this individual first came to Lookonchain’s attention two months prior, when they
sold
26,762 Ether, valued at approximately $69.25 million at that time.
Lookonchain
In July, Lookonchain
reported
two substantial Ether purchases originating from
the same digital wallet
. Specifically, on July 7th, 4,863 Ether tokens were acquired for $12.55 million, followed by another purchase of 649 Ether on July 19th, totaling $2.3 million, at an average price of $3,5621 per Ether.
In May, on-chain investigator ZachXBT estimated that Coinbase users had collectively lost around $330 million due to social engineering attacks, highlighting an increase in increasingly sophisticated methods employed to defraud cryptocurrency holders.
Radiant Capital Exploit: Hacker’s Profits Soar
This “Coinbase hacker” is not alone in trading illicit gains. Last week, a wallet connected to the Radiant Capital security exploit
purchased
approximately 4,913 Ether around Wednesday, then subsequently sold 4,131 Ether on Saturday, realizing a profit of $2.7 million.
According to Lookonchain, “Their initial stolen funds of $49.5M have now grown to exceed $105 million,” representing an approximate gain of 114%.
The decentralized finance protocol
Radiant Capital experienced a breach mid-October 2024,
when a $58 million cybersecurity incident impacted the protocol on both BNB Chain and Arbitrum.
The attacker converted the stolen proceeds into Ether, holding an estimated 21,957 Ether, valued at roughly $103 million, as of August 14, as reported by Lookonchain.
Related:
DOJ Investigates Coinbase Data Breach— Report
Experts
told Cointelegraph at the time
that the conversion to Ether was less likely to be a deliberate market-timing strategy and more probably a side effect of attempts to disguise the stolen funds.
Unlucky Hacker Executes Panic Sell
However, other hackers have not been quite so fortunate.
In July, Lookonchain was
tracking
a wallet labeled as “likely belonging to hackers,” which sold 12,282 Ether, only to reinvest at a higher price during a market correction, resulting in a $6.9 million loss.
“Hackers are not skilled traders,” the company stated.
During a subsequent market downturn, the same wallet
panic sold
4,958 Ether on August 15th, realizing a profit of $9.75 million.
Magazine:
Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express