Solana News Today: Coinbase Hacker Buys $8M Solana via Stolen Funds

A wallet believed to be linked to the Coinbase hack has reportedly used stolen funds to acquire 38,126 Solana (SOL) tokens at a price of around $209 each, totaling approximately $8 million. According to blockchain analytics platforms Arkham and Lookonchain, the hacker converted DAI into USDC and then used a cross-chain bridge to transfer the funds onto the Solana network [1]. The purchase was made in multiple transactions, and with the current price of SOL at $202.15, the position now shows a paper loss [2].

The same wallet was previously identified by Lookonchain as being responsible for the theft of over $300 million from Coinbase users. This figure includes a significant Ethereum (ETH) sale of 26,762 tokens two months prior to the Solana purchase, valued at approximately $69.25 million at the time [3]. In July, the wallet was also linked to two large ETH transactions—4,863 tokens on July 7 and 649 tokens on July 19—valued at roughly $12.55 million and $2.3 million, respectively [4].

Separately, the attacker behind the Radiant Capital hack has been actively trading stolen funds. The hacker converted the proceeds into ETH and has increased a stolen $49.5 million stash to over $105 million, according to Lookonchain. Notable trades include the purchase of 4,913 ETH on August 20 and the sale of 4,131 ETH, netting roughly $2.7 million [5]. The Radiant Capital breach occurred in mid-October 2024, when the cross-chain lending protocol lost about $58 million across the BNB Chain and Arbitrum networks [6].

Not all hacker wallets, however, have been profitable. One wallet, flagged as likely belonging to hackers, sold 12,282 ETH in July and later re-bought at higher prices, incurring a $6.9 million loss. The same wallet later sold 4,958 ETH on August 15, locking in a $9.75 million profit, illustrating inconsistent trading performance [7].

Security analyst ZachXBT previously estimated in May that social engineering scams had cost Coinbase users approximately $330 million, highlighting a growing trend of sophisticated fraud tactics targeting user accounts [8].

On-chain monitoring continues to reveal the movement of stolen assets across multiple chains. The coordinated use of stablecoins, cross-chain bridges, and decentralized exchanges appears to be a common tactic among these attackers, obscuring the origin of the funds [9].

Sources:

[1] https://en.coinotag.com/coinbase-hacker-may-have-bought-8m-of-solana-as-radiant-and-other-exploited-wallets-trade-ether/