Crypto wallet linked to Coinbase Hacker buys $8M in Solana
A cryptocurrency wallet connected to the “Coinbase hacker” bought $8 million worth of Solana tokens using stolen funds, according to blockchain analysts.
The wallet converted DAI stablecoins into USDC, transferred the funds to the Solana network, and purchased 38,126 SOL tokens at around $209 each. Blockchain analytics firm Arkham has labeled this wallet as belonging to the person or group behind a security breach affecting Coinbase users.
Lookonchain tracked the wallet's activity on Sunday. The hacker first converted DAI into USDC, then moved the money across networks before buying the Solana tokens. At Monday's SOL price of $202.15, the purchase has lost value.
The same wallet made other large transactions earlier this year. In July, it sold 26,762 ETH tokens for $69.25 million. The wallet also bought 4,863 ETH worth $12.55 million and another 649 ETH worth $2.3 million in separate purchases.
Analyst ZachXBT estimated in May that Coinbase-related social engineering scams caused about $330 million in losses. The flagged wallet's activity matches this amount.
The hacker appears to be spreading stolen assets across different cryptocurrencies. Arkham Intelligence has tracked over $300 million in stolen funds connected to this wallet.
In another case, a wallet linked to the Radiant Capital hack used stolen money to trade Ethereum. That wallet turned $49.5 million in stolen funds into over $105 million through profitable ETH trades. However, other similar wallets have lost money on poorly timed trades.
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