The hacker identified as responsible for stealing over $300 million from Coinbase users has drawn attention again after purchasing $8 million worth of Solana. However, the value of the assets has since plummeted, resulting in losses for the hacker.
Purchase of Solana amid Price Decline
According to Lookonchain, the wallet linked to the hacker swapped DAI for USDC before bridging funds to Solana on Sunday, where it purchased 38,126 SOL at around $209 per token. As of this writing, Solana is trading at approximately $202, which has already resulted in losses from the purchase.
Hacker's History and Previous Trades
Blockchain analytics firm Arkham has identified the wallet as linked to the theft of over $300 million from Coinbase users. The address gained attention in May, when on-chain investigator ZachXBT estimated the losses tied to the scam at roughly $330 million, much of which stemmed from sophisticated social engineering attacks. In July, Lookonchain reported that the same wallet spent over $14 million on Ethereum in two separate buys.
Context of Hacker Activity in the Market
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 over $105 million by trading ETH. However, not all hacker wallets have fared as well. One address tracked by Lookonchain sold over 12,000 ETH during a downturn only to buy back at higher prices, burning through nearly $7 million.
This situation highlights the risks and volatility faced not only by regular investors but also by hackers in the cryptocurrency market. Trading success clearly varies among criminals, and time will tell how their future actions unfold.
