Solana News Today: Coinbase Hack-Linked Wallet Spends $7.95M on Solana After $330M Theft

A wallet identified by blockchain analytics platforms Arkham and Lookonchain as potentially linked to the May 2025 Coinbase hack has executed a significant transaction on the Solana network. On August 24, 2025, the wallet purchased 38,126 SOL tokens at an average price of $209 per token, amounting to approximately $7.95 million in value at the time of the transaction [1]. The funds for the purchase were routed through cross-chain stablecoin conversions, with DAI and USDC bridging to Solana via deBridge Finance and CoW Protocol [2].

This activity follows a pattern of strategic and rapid movements of illicitly obtained funds. Just two months earlier, the same wallet had reportedly sold 26,762 ETH for $69.25 million [3], and earlier in July, it had acquired Ethereum in two separate purchases totaling nearly $14.85 million [4]. The latest Solana purchase marks the hacker’s continued diversification of stolen assets into high-market-cap cryptocurrencies, a tactic often employed to obscure the origin of funds and reduce exposure to volatility in single assets.

Despite the initial purchase value, the Solana holdings have already dropped in value by more than $200,000, with the token trading around $200 at the time of reporting [5]. This depreciation raises questions about the long-term strategy of the individual or group behind the wallet. Analysts suggest that the purchase may reflect an attempt to lock in value for the long term, or alternatively, to facilitate further transactions that could obscure the asset trail [6].

The breach that led to the acquisition of these funds reportedly involved social engineering tactics rather than a direct cyberattack. According to investigator ZachXBT, the attackers had communicated with Coinbase employees and insiders to obtain sensitive user data, which was then used to access accounts and transfer funds [7]. Over 97,000 accounts were affected, with the total estimated losses reaching $330 million [8].

The incident has reignited concerns about the security of centralized exchanges, especially in light of previous breaches at platforms like Revolut, Robinhood, and Radiant Capital. The recent Solana purchase underscores the ongoing challenges in tracing and mitigating the effects of large-scale data and asset theft in the crypto ecosystem [9].

Sources:

[1] Cointelegraph (https://cointelegraph.com/news/wallet-labeled-coinbase-hacker-buys-8m-of-solana)

[2] AInvest (https://www.ainvest.com/news/solana-news-today-coinbase-linked-wallet-spends-8m-solana-300m-theft-probe-2508/)

[3] Blockchain News (https://blockchain.news/flashnews/alleged-coinbase-hacker-buys-38-126-sol-8m-in-2-hours-on-chain-whale-activity-flags-near-term-trading-watch)

[6] BlockchainReporter (https://blockchainreporter.net/coinbase-hacker-spends-8-million-to-buy-sol/)

[7] AInvest (https://www.ainvest.com/news/solana-news-today-alleged-coinbase-hacker-buys-8m-solana-2-hours-2508/)