Crypto Wallet Linked to 'Coinbase Hacker' Buys $8M in Solana Amidst Growing Concerns

A crypto wallet linked to the "Coinbase hacker" has made a high-profile acquisition of Solana (SOL), spending around $8 million to purchase 38,126 SOL tokens. This is the latest move by the wallet following a string of sizeable trades using funds reportedly stolen from Coinbase users. The transaction has drawn attention to on-chain trading behaviors and asset flow dynamics among alleged cybercriminals operating under public surveillance. Market observers warn that such high-volume, rapid trades by wallets linked to criminal activity raise broader concerns regarding on-chain liquidity, exchange exposure, and market manipulation.

A crypto wallet linked to the "Coinbase hacker" has made a high-profile acquisition of Solana (SOL), spending around $8 million to purchase 38,126 SOL tokens. This transaction, which occurred on July 2, 2025, has drawn attention to on-chain trading behaviors and asset flow dynamics among alleged cybercriminals operating under public surveillance. The acquisition follows a string of sizeable trades using funds reportedly stolen from Coinbase users, raising broader concerns regarding on-chain liquidity, exchange exposure, and market manipulation.

The wallet, which has been linked to the recent Coinbase hack, has been actively trading Solana tokens since the incident. The acquisition of 38,126 SOL tokens is the latest move in a series of high-volume, rapid trades that have been closely monitored by market observers. The transaction, which took place on the Solana blockchain, has been analyzed for its potential impact on the network's liquidity and market dynamics.

Market observers warn that such high-volume, rapid trades by wallets linked to criminal activity can have significant implications for the broader crypto market. The rapid accumulation of Solana tokens by the hacker's wallet could potentially influence market prices and liquidity, creating opportunities for market manipulation. Additionally, the transaction highlights the ongoing challenges faced by exchanges in detecting and preventing fraudulent activities.

The Solana Foundation, which is backing a $1 billion treasury fund dedicated to buying and holding Solana, has not commented on the acquisition. However, the move underscores the growing interest in Solana among institutional investors and highlights the network's potential as a safe haven for digital assets.

Despite the recent acquisition, Solana has failed to react positively to the news, and is down nearly 6% today, according to crypto price aggregator CoinGecko. This indicates that the market is still reeling from the weekend Bitcoin whale sell-off, which has dominated investor sentiment and overshadowed positive fundamental news.

The recent market crash confirms this speculative positioning, with liquidation data showing that the vast majority of forced closures were long positions. Liquidations of long Solana contracts over the past two days totaled $22 million and $18 million on August 25 and 24, respectively, compared to just $6.41 million and $13.43 million in short positions, according to Coinanalyze.

While the possible treasury deal sets a powerful long-term precedent, its short-term impact is muted by broader market uncertainty. “I think it's reasonable Solana gets an ETF shortly,” said Steve Gregory, founder of crypto trading platform Vtrader. “However, what I think could have a much larger and compounding effect is having a good spokesman, already trusted by Wall Street, pushing that buy narrative.” Gregory did caution that a “will not see the same inflows as Bitcoin and Ethereum,” tempering expectations.

The acquisition by the alleged Coinbase hacker's wallet highlights the ongoing challenges faced by the crypto industry in addressing fraudulent activities and ensuring the integrity of the market. As the industry continues to evolve, it remains crucial for regulators and market participants to work together to prevent market abuses and promote transparency.

References:
[1] https://finance.yahoo.com/news/1-billion-solana-treasury-play-153814192.html
[2] https://www.ainvest.com/news/solana-news-today-top-crypto-firms-raise-1-billion-buy-solana-tokens-2508/
[3] https://www.ainvest.com/news/sec-probes-trump-linked-crypto-firm-stock-manipulation-financial-misrepresentation-2508/