Coinbase Hacker Suspect Buys $8M Solana Amid Crypto Crime Trades

A wallet address identified by blockchain security platforms as the “Coinbase hacker” has been caught making a major trade on Solana, raising fresh concerns over stolen funds circulating in the crypto ￰0￱ to on-chain tracker Lookonchain, the hacker converted DAI into USDC, bridged the funds to Solana, and purchased 38,126 SOL tokens worth about $8 million on ￰1￱ purchases were executed near the $209 mark, but with Solana currently trading at $202.15 , the move has left the hacker sitting on an unrealized ￰2￱ analytics platform Arkham has flagged the wallet as linked to a series of large thefts from Coinbase ￰3￱ has previously alleged that the address is connected to over $300 million in stolen ￰4￱ suspected crypto hacker first drew attention two months ago after selling 26,762 Ether for around $69.25 million.

On-chain records show additional trades in July, when the wallet acquired nearly $15 million worth of Ether across two separate ￰5￱ Capital Hack Funds Double in Value The Coinbase case is not an isolated ￰6￱ wallet tied to the $58 million Radiant Capital exploit in October 2024 has also been trading crypto ￰7￱ week, the address bought 4,913 Ether and later sold 4,131 Ether, netting a profit of $2.7 ￰8￱ to Lookonchain, the hacker’s stash has ballooned from $49.5 million to more than $105 million, marking a 114% ￰9￱ bulk of the stolen assets were swapped into Ether, with the attacker holding nearly 22,000 ETH, worth over $100 million as of ￰10￱ Crypto Trading Choices Burn Some Hackers Analysts suggest that these trades may not reflect sophisticated market timing but instead stem from attempts to obscure stolen funds through multiple ￰11￱ all hackers have been as ￰12￱ July, Lookonchain reported that a wallet likely tied to illicit activity sold 12,282 Ether, only to buy back at higher prices, losing $6.9 million in the ￰13￱ same wallet later panic-sold nearly 5,000 Ether during another market dip but managed to secure a profit of $9.75 million.

“Hackers are not good at trading,” Lookonchain remarked.