Thomas Daniels
A cryptocurrency wallet tagged by blockchain analysts as the “Coinbase hacker” has executed a major Solana purchase, acquiring approximately $8 million worth of SOL tokens on Sunday. The transactions involved converting DAI to USDC, bridging to the Solana network, and purchasing 38,126 SOL at an average price close to $209.
With Solana now trading around $202.15, the entity has registered a paper loss on the position. Blockchain intelligence firms, including Arkham and Lookonchain, have traced the wallet to a broader theft totaling over $300 million in digital assets reportedly taken from Coinbase users.
This same wallet first surfaced in the spotlight earlier this year after liquidating 26,762 ETH, then valued at $69.25 million. In subsequent trades during July, the wallet added 4,863 ETH worth approximately $12.55 million and later 649 ETH for $2.3 million, averaging around $3,562 per token.
Meanwhile, another wallet linked to the Radiant Capital exploit has more than doubled its holdings. Following an October 2024 breach involving the decentralized finance protocol, the attacker’s original haul of $49.5 million has surged to over $105 million, primarily via strategic conversions into Ether. The hacker currently holds 21,957 ETH, worth around $103 million based on recent market valuations.
Not all cybercriminals have fared as well. Lookonchain previously tracked another wallet, believed to be associated with fraudulent activity, that sold 12,282 ETH during a market dip and bought back at higher levels, locking in a $6.9 million loss. However, in a separate transaction on August 15, the same wallet secured a $9.75 million gain after selling 4,958 ETH during another downturn.
Blockchain analysts suggest that these activities are less about market timing and more about obfuscation tactics used to launder and redistribute stolen digital assets. Still, the financial scale of these operations—and their continued presence in open markets—underscores the growing intersection between cybersecurity breaches and asset manipulation in decentralized finance.
