Solana News Today: Coinbase Hacker Buys 38,126 Solana Tokens for $8 Million

A crypto wallet linked by blockchain analytics firm Lookonchain to the alleged $300 million Coinbase breach in 2025 has recently purchased $8 million worth of Solana (SOL), as reported on August 13, 2025 [1]. The hacker executed the purchase by converting DAI into USDC and bridging the funds to the Solana network. Across multiple transactions, they acquired 38,126 SOL tokens at an average price of approximately $209 per token. At the current price of $202.15, the transaction has resulted in a paper loss for the wallet [1].

This is not the first time the wallet has been active in the market. In July 2025, the same address was observed purchasing 4,863 Ether (ETH) worth $12.55 million and later selling part of the position for $69.25 million [1]. The pattern of converting stolen stablecoins into ETH and then into other assets to obscure origins suggests a strategy to diversify and complicate tracking of illicit gains [1]. The recent Solana purchase appears to follow a similar approach, using multiple wallets and cross-chain transfers.

The breach is believed to have stemmed from compromised Coinbase customer support staff, who were reportedly bribed to access internal systems. Coinbase has denied the theft involved user passwords or private keys and has offered a $20 million reward for information leading to the identification of the hacker [1]. Despite ongoing investigations by law enforcement and blockchain tracking firms, the wallet remains active and the perpetrator at large.

The choice of Solana as a target is notable. In the last 30 days, the SOL token has risen more than 17 percent, suggesting the hacker may have aimed to capitalize on a potential price rebound. The blockchain’s high throughput and low latency make it a popular platform for high-volume trading and rapid asset movement, aligning with the hacker’s operational needs [1].

This case has broader implications for the security of centralized crypto platforms. Analysts emphasize that while no user data was directly compromised, the breach highlights vulnerabilities in internal controls and the risks of social engineering attacks [1]. The complexity of the hacker’s movements—across multiple chains and tokens—underscores the challenges faced by investigators and the need for more sophisticated monitoring systems.

Meanwhile, the hacker’s trading activity is not unique. In a separate incident, a wallet linked to the 2024 Radiant Capital exploit also engaged in market activity, buying and selling Ether to grow its ill-gotten gains [1]. Conversely, another unknown hacker recently incurred a $6.9 million loss after poorly timed trades, illustrating the unpredictable nature of using stolen assets in the volatile crypto market [1].

As the investigation into the Coinbase breach continues, analysts suggest that transaction patterns and wallet behavior will remain key to uncovering new leads. The case remains open, with law enforcement and blockchain forensics firms tracking new movements in an effort to bring the perpetrator to justice [1].

Source:

[1] https://www.livebitcoinnews.com/coinbase-hacker-invests-8m-in-solana-amid-ongoing-investigation/

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