Crypto wallet labeled ‘Coinbase hacker’ buys $8M of Solana
Blockchain analysts have flagged a wallet labeled the “Coinbase hacker” after it used reportedly stolen funds to buy about $8 million worth of Solana (SOL). According to on‑chain sleuthing, the address converted DAI into USDC, bridged to the Solana network and purchased roughly 38,126 SOL across multiple trades at about $209 per token.
At the time of reporting, that price level left the position at a paper loss versus the then‑current SOL market price. Security platforms that track illicit flows, including Arkham and researchers at Lookonchain, have associated the wallet with earlier large moves tied to the same actor.
The wallet first attracted attention months earlier when it sold a large Ether holding — some 26,762 ETH, valued at roughly $69.25 million at the time — and later made additional ETH purchases in July, according to the chain‑analysis timeline reported by investigators.
The article also noted a broader pattern of hackers trading stolen proceeds onchain. For example, a wallet linked to the Radiant Capital exploit has increased its holdings through swaps and trading activity, and other wallets tracked by analysts have both realized gains and suffered losses after panic selling during volatile market moves.
Blockchain investigators say these onchain transactions help trace the movement of funds and reveal how some attackers attempt to launder or redeploy stolen assets, even as exchanges and analytics firms continue monitoring and flagging suspicious addresses.
