Solana News Today: Coinbase Hacker Spends $8M on Solana in Fast 2-Hour Move

A high-profile hacker, allegedly responsible for a $300 million breach at Coinbase, has recently acquired $8 million worth of Solana ($SOL), according to blockchain tracking reports. The move, which occurred on August 24, 2025, was noted for its speed, taking less than two hours to execute. Onchain Lens, a firm specializing in blockchain activity monitoring, confirmed the transaction, highlighting the hacker’s continued movement of stolen assets across multiple blockchains and wallets [1].

This latest activity follows a prior acquisition in July 2025 when the hacker purchased 4,863 Ethereum ($ETH) tokens using $45.36 million in $DAI. Analysts speculate that the hacker may continue to liquidate or trade the remaining $DAI holdings, which remain in two wallets. The strategy appears to involve diversifying stolen assets across various cryptocurrencies and chains to obscure the trail and complicate tracking efforts [1].

The hacker has also moved substantial amounts of other digital currencies, including $USDC, across a wide range of wallets and blockchains. This approach—using multiple chains to move funds—makes it increasingly difficult for investigators to determine the exact path of the stolen assets. The complexity of the transactions underscores the sophistication of the perpetrator and the challenges faced by law enforcement and blockchain tracking companies [1].

Coinbase has been actively investigating the breach, which it attributed to rogue customer service representatives who were bribed to gain access to internal systems. The company emphasized that no user passwords or private keys were compromised during the attack. In response to the incident, Coinbase has offered a $20 million reward for information leading to the arrest of the individual responsible, while explicitly stating it will not pay the ransom previously requested by the attacker. The company is also working closely with law enforcement agencies to bring the perpetrator to justice, although no arrests have been made to date [1].

The decision to invest in Solana is particularly notable given the cryptocurrency’s recent performance. Over the last 30 days, Solana has risen by more than 17%, and analysts speculate that the coin could potentially reach $360 in the future. While Solana is currently 29% below its January 2025 peak of $293, the timing of the purchase suggests a strategic attempt to acquire the asset at a favorable price [1].

Experts in blockchain forensics have pointed out that the hacker’s rapid cross-chain movements indicate a deliberate effort to complicate the investigative process. By spreading assets across multiple chains and wallets, the perpetrator is making it harder to track and recover the stolen funds. This method leverages Solana’s high transaction speed and scalability, both of which are key features of the platform that make it appealing for fast, efficient transactions [1].

The ongoing case has raised concerns about the vulnerabilities that even major crypto platforms like Coinbase face. The breach highlights the need for enhanced security protocols and more advanced tracking mechanisms to prevent and detect such incidents. At the same time, it has reignited debates around the role of decentralized finance (DeFi) in enabling complex financial operations, both legal and otherwise [1].

As the investigation continues, law enforcement and blockchain experts remain on high alert. New wallet addresses and transfers are being uncovered regularly, but the hacker continues to stay one step ahead. Analysts stress the importance of maintaining a focus on behavioral patterns and transaction history to identify potential leads [1].

Source:

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

[2] https://www.coingabbar.com/en/crypto-currency-news/coinbase-hacker-bought-solana-in-8m-trade-after-eth-moves?srsltid=AfmBOoqq3o_D-vEu67POYSiWl68BpZEr2hSm0cXsqCfGiP13XXaGDtrS