Solana News Today: Wallet linked to Coinbase hack buys $8M in Solana tokens via cross-chain bridge

A crypto wallet allegedly connected to the $300 million Coinbase hack has made a high-profile move, purchasing approximately 38,126 Solana (SOL) tokens for around $8 million on Solana on August 25, 2025 [1]. The funds used for the purchase were reportedly routed through a cross-chain bridge, with stablecoins initially converted from DAI to USDC before being transferred to the Solana blockchain [2]. This latest on-chain activity aligns with a pattern of large-scale trades attributed to the wallet in the months following the alleged breach, including significant Ethereum (ETH) transactions in July and earlier 2025 [2].

On-chain analysts, including Arkham, Lookonchain, and investigator ZachXBT, have flagged the wallet for its historical ties to the Coinbase-targeted thefts, citing consistent transaction behaviors and clustering analysis [2]. The recent purchase of SOL appears to have been executed at a price of approximately $209 per token, though as of the time of writing, the token trades near $202, resulting in an unrealized loss for the wallet [1]. This mirrors previous moves by the wallet, which have included large ETH trades exceeding $84 million in recent months [2].

The purchase highlights the ongoing challenge of tracing and recovering stolen assets in the decentralized finance (DeFi) space. While large transactions by flagged addresses increase traceability, the use of cross-chain bridges and decentralized exchanges can complicate recovery efforts [2]. Exchanges and law enforcement agencies rely on collaborative on-chain analysis and real-time monitoring to identify and potentially freeze such assets. However, the speed and anonymity of blockchain transactions often limit immediate action [1].

Analysts stress that the Solana purchase does not necessarily indicate a change in the wallet’s strategy. The wallet’s behavior remains consistent with prior patterns, including rapid asset movement and high-value trades. The market has responded with mixed sentiment, with Solana’s price declining slightly after the transaction, reflecting broader market conditions rather than a direct reaction to the hack-related activity [1].

The incident underscores the growing importance of blockchain intelligence in tracking illicit asset flows. Tools and methodologies used by analysts—such as clustering, timestamp correlation, and cross-chain tracking—have become essential in identifying and monitoring wallets linked to major breaches. However, these tools also reveal the limitations of current recovery mechanisms, particularly when assets are moved across multiple chains [2].

As the investigation into the Coinbase hack continues, the latest Solana purchase serves as a reminder of the complex nature of on-chain crime. While the wallet’s activities remain under scrutiny, the broader crypto market is left to navigate the uncertainty of whether such assets will be recoverable or whether the wallet will continue its pattern of large-scale transactions [1].

Source: [1] https://www.ainvest.com/news/crypto-wallet-linked-coinbase-hacker-buys-8m-solana-growing-concerns-2508/

[2] https://www.ainvest.com/news/solana-news-today-coinbase-linked-wallet-spends-8m-solana-300m-theft-probe-2508/