A crypto wallet flagged by blockchain security analysts as the “Coinbase hacker” has splashed $8 million on Solana (SOL), only to take an immediate hit as prices fell.
Data from Lookonchain shows the wallet swapped DAI for USDC before bridging funds to Solana on Sunday, where it scooped up 38,126 SOL near $209 per token. With Solana now changing hands at around $202, the purchase has already slipped into the red.
The hacker who stole $300M+ from #Coinbase users bought 38,126 $SOL($7.95M) at $209 in the past 2 hours.https://t.co/AUBIKUuNNDhttps://t.co/s9rRYnK7M8https://t.co/GlDgWxZ5T2 pic.twitter.com/AIc0hLEpxQ
— Lookonchain (@lookonchain) August 24, 2025
Blockchain analytics firm Arkham has identified the wallet as linked to the theft of more than $300 million from Coinbase users. The address first drew attention in May, when on-chain investigator ZachXBT estimated losses tied to the scam at roughly $330 million, much of it stemming from sophisticated social engineering attacks.
This isn’t the first big-ticket trade from the alleged hacker. In July, Lookonchain reported the same wallet spent over $14 million on Ether (ETH) across two separate buys after previously cashing out 26,762 ETH worth $69.25 million.
While the Coinbase-linked wallet continues its spree, other exploiters have also been moving stolen funds back into the market. A wallet tied to the $58 million Radiant Capital exploit in October 2024 recently turned a stash of $49.5 million into more than $105 million by trading ETH, according to Lookonchain — more than doubling its holdings in under a year.
“Their stolen $49.5M stash has now grown to over $105 million,”
Lookonchain said, representing an increase of around 114%.
Not all hacker wallets have fared as well. One address tracked by Lookonchain sold more than 12,000 ETH during a downturn only to buy back at higher prices, burning through nearly $7 million. Later in August, the same wallet panic-sold another 4,958 ETH, securing $9.75 million in profit but reinforcing what analysts have repeatedly noted: “Hackers are not good at trading.”
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