Solana News Today: Hacker Reallocates Stolen Funds to Buy $7.9M in Solana Tokens

The hacker responsible for the recent $300 million breach at Coinbase has made another large-scale purchase using stolen funds, acquiring 38,126 Solana (SOL) tokens worth approximately $7.9 million. The transaction, analyzed by on-chain observers, took place on August 24 at an average price of $208.7 per SOL [3]. The hacker moved 7.957 million DAI into USDC before bridging the funds to the Solana blockchain to execute the purchase, a move that reflects a calculated strategy in reallocating stolen assets across different crypto networks [1].

This acquisition marks the third major trading move by the hacker in May and follows a pattern of methodical trading behavior that has unfolded over several months. In May, the hacker sold 26,347 Ethereum (ETH) for 68.18 million DAI at $2,588 per ETH. Then, in July, they repurchased 5,513 ETH with 14.865 million DAI at a higher average price of $2,696 [1]. The repeated use of DAI and ETH suggests a deliberate approach to market timing and asset diversification, leveraging stolen funds across different altcoins and stablecoins.

The timing of the Solana purchase coincides with bullish technical indicators and growing sentiment around the asset. According to analyst Ucan, Solana is forming a rounded bottom pattern and is currently moving within a rising channel. Key resistance levels include $215, $227, and $242, with $251 marking the top of the channel. The purchase price aligns with expectations that the token could eventually reach $360 [4]. However, Solana has yet to recover from its January all-time high of $293 and remains 29% below that level [1].

The broader implications of the Coinbase breach continue to unfold. The attack, which occurred between December 2024 and May 2025, exploited customer-support staff to extract sensitive user data. The breach affected nearly 70,000 individuals and exposed personal information such as names, addresses, and government ID scans. Coinbase refused to pay a $20 million ransom demand and has pledged to reimburse victims. The incident has also led to an estimated $400 million in remediation costs [2].

The hacker’s ability to move large sums of stolen assets quickly and undetected raises concerns about the limitations of current monitoring systems. Despite the transparency of blockchain networks, the speed and sophistication of these trades highlight gaps in regulatory oversight and security protocols, especially for centralized exchanges. The continued movement of stolen funds across multiple blockchains also demonstrates the challenges law enforcement faces in tracking and recovering assets in real time.

The recent Solana purchase, while not a catalyst for major price movements, serves as a stark reminder of the vulnerabilities that persist in the crypto ecosystem. As long as $190 support holds, the token remains in a favorable technical pattern, with further upside potential depending on market conditions and regulatory clarity [4].