Solana News Today: Coinbase-linked wallet spends $8M on Solana amid $300M theft probe

A high-profile cryptocurrency wallet, identified by blockchain analysts as potentially linked to the alleged $300 million Coinbase breach, recently made a $8 million purchase of Solana (SOL) in a single day [1]. The transaction, which took place on August 12, 2025, involved the conversion of DAI into USDC, followed by a cross-chain transfer to the Solana network to acquire 38,126 SOL tokens, at an average price of approximately $209 per token [2]. At the current price of $202.15, the position has a paper loss of about $2.7 million [1].

This acquisition marks a continuation of a broader pattern of activity by the wallet. In July, the same address had spent $69.25 million in DAI to buy 26,762 Ether (ETH), and on two separate occasions, acquired 4,863 and 649 ETH for $12.55 million and $2.3 million, respectively [1]. The repeated use of multiple currencies and chains suggests a deliberate effort to obscure the trail of funds and evade detection by analysts and law enforcement [2].

The wallet has been flagged by both Arkham and Lookonchain, with the latter linking it to the Coinbase breach and estimating the total theft at over $300 million [1]. Analysts suggest that the hacker may be systematically liquidating DAI holdings through cross-chain trades to convert stolen assets into more liquid and tradable forms. The choice of Solana is notable given its high transaction speed and low fees, which facilitate rapid and large-scale trades [2].

This behavior is not unique to the Coinbase-linked wallet. Another wallet associated with the Radiant Capital exploit in October 2024 has also been trading stolen assets to increase its holdings. That address recently made a $2.7 million profit by selling Ether and buying back in at lower prices [1]. Meanwhile, a separate wallet tracked by Lookonchain has faced losses due to poor timing, selling during market dips and buying back at higher prices [2].

The broader context of these activities highlights the increasing sophistication of cybercriminals in the crypto space. Unlike traditional financial crimes, these perpetrators often have deep technical knowledge of blockchain mechanics, allowing them to move assets across chains and into different currencies with speed and precision. The use of decentralized and permissionless networks makes tracking and recovery efforts particularly challenging [1].

Experts in blockchain forensics have noted that these moves are not necessarily indicative of long-term investment strategies but rather tactical maneuvers to evade detection. The lack of centralized oversight in blockchain transactions means that once stolen funds are moved across multiple chains and wallets, they become increasingly difficult to trace [2].

The Coinbase breach, attributed to internal threats via rogue customer service agents, remains under investigation. The company has stated that no user data was compromised and is offering a $20 million reward for information leading to the arrest of the responsible party [1]. Law enforcement has not yet made any arrests, though investigations continue.

The Solana purchase underscores the evolving nature of crypto crime and the challenges faced by platforms, regulators, and security firms. As blockchain technology continues to mature, so too do the methods of those who seek to exploit it. Analysts stress the importance of robust internal security protocols, improved tracking tools, and greater transparency in cross-chain activity to mitigate future breaches and recover stolen assets [1].

Source:

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

[2] https://www.ainvest.com/news/solana-news-today-coinbase-hacker-spends-8m-solana-fast-2-hour-move-2508/