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 market. 

According 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 Sunday.

The 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 loss. 

Blockchain analytics platform Arkham has flagged the wallet as linked to a series of large thefts from Coinbase users. Lookonchain has previously alleged that the address is connected to over $300 million in stolen funds.

The 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 purchases.

Radiant Capital Hack Funds Double in Value

The Coinbase case is not an isolated incident. Another wallet tied to the $58 million Radiant Capital exploit in October 2024 has also been trading crypto actively. Last week, the address bought 4,913 Ether and later sold 4,131 Ether, netting a profit of $2.7 million.

According to Lookonchain, the hacker’s stash has ballooned from $49.5 million to more than $105 million, marking a 114% increase. The bulk of the stolen assets were swapped into Ether, with the attacker holding nearly 22,000 ETH, worth over $100 million as of mid-August.

Poor 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 transactions.

Not all hackers have been as fortunate. In 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 process. 

The 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.