Crypto wallet labeled ‘Coinbase hacker’ buys $8M of Solana

A wallet code labeled by blockchain information analysts arsenic the “Coinbase hacker” bought $8 cardinal successful Solana connected Sunday utilizing reportedly ill-gotten gains.

According to Lookonchain, the hacker converted DAI (DAI) to USDC (USDC), past bridged to the Solana network and bought 38,126 Solana (SOL) adjacent the $209 people crossed aggregate purchases.

Solana is presently trading astatine $202.15, meaning the hacker has made a insubstantial nonaccomplishment since the trade.

Blockchain analytics level Arkham has flagged the wallet code arsenic “Coinbase hacker,” portion Lookonchain claimed the wallet is linked to the theft of implicit $300 cardinal from Coinbase users.

Source: Lookonchain

Hacker bought Ether successful July

The alleged hacker archetypal came to the attraction of Lookonchain 2 months ago, erstwhile they sold 26,762 Ether worthy $69.25 cardinal astatine the time.

Source: Lookonchain

In July, Lookonchain said determination were besides 2 large purchases from the aforesaid wallet. On July 7, the aforesaid hacker bought 4,863 Ether, worthy $12.55 million, past connected July 19, they bought 649 Ether for $2.3 million, astatine a outgo of $3,5621 per token.

Onchain sleuth and information expert ZachXBT estimated successful May that the full amount mislaid by Coinbase users to societal engineering scams astatine $330 million, which helium said reflected the increasing fig of blase onslaught strategies to defraud crypto holders.

Radiant Capital hacker grows stack done trades

The Coinbase hacker isn’t the lone 1 trading ill-gotten gains. Last week, a wallet connected to the Radiant Capital exploit bought 4,913 Ether astir Wednesday, past sold 4,131 Ether connected Saturday, making a nett of $2.7 million.

“Their stolen $49.5M stash has present grown to implicit $105 million,” Lookonchain said, representing an summation of astir 114%. 

Decentralized concern protocol Radiant Capital was hacked successful mid-October 2024 erstwhile the cross-chain lending protocol suffered a $58 cardinal cybersecurity breach connected BNB Chain and Arbitrum.

The attacker swapped proceeds into Ether, holding astir 21,957 Ether worthy astir $103 million, arsenic of Aug. 14, according to Lookonchain.

Related: DOJ is investigating Coinbase information breach— Report

Experts told Cointelegraph astatine the time that it was improbable to beryllium a deliberate market-timing strategy and astir apt conscionable an unintended effect of evasion techniques to obscure the stolen loot.

Unknown hacker panic sells

However, immoderate hackers haven’t been arsenic lucky. 

In July, Lookonchain was tracking a wallet they flagged arsenic “likely belonging to hackers,” which sold 12,282 Ether and bought backmost successful astatine a higher terms during a marketplace downturn, resulting successful a nonaccomplishment of $6.9 million.

“Hackers are not bully astatine trading,” the institution said.

During different marketplace dip, the aforesaid wallet panic sold 4,958 Ether connected Aug. 15, locking successful a nett of $9.75 million. 

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