TLDR
- A wallet flagged as Coinbase hacker bought $8M Solana near $209 per token.
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The wallet is linked to a $300M Coinbase user theft, analysts say.
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Hacker previously sold $69M ETH and bought back millions in July.
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Radiant Capital hacker doubled funds to $105M after trading stolen ETH.
A crypto wallet labeled by blockchain analysts as the “Coinbase hacker” purchased $8 million worth of Solana on Sunday. According to Lookonchain, the funds were converted from DAI to USDC, then bridged to the Solana network to buy 38,126 SOL at prices near $209 each.
With Solana trading around $202 at press time, the purchase is currently at a paper loss. Blockchain analytics firm Arkham has also flagged the wallet, which Lookonchain claims is tied to the theft of over $300 million from Coinbase users.
History of Ether Transactions From the Same Wallet
This is not the first time the crypto wallet has drawn attention. In July, Lookonchain reported that the same address sold 26,762 Ether worth $69.25 million.
Shortly afterward, the wallet acquired 4,863 Ether valued at $12.55 million, followed by another purchase of 649 Ether for $2.3 million.
The transactions suggest that the hacker has been actively trading stolen assets, though not always successfully. Onchain security analyst ZachXBT previously estimated that Coinbase users lost about $330 million to advanced social engineering scams, which may be linked to the flagged wallet.
Radiant Capital Hacker Expands Stolen Holdings
Another crypto wallet, tied to the Radiant Capital exploit of October 2024, has also been trading on the market. Last week, the Radiant hacker bought 4,913 Ether, then sold 4,131 Ether, netting a profit of $2.7 million.
According to Lookonchain, the wallet’s $49.5 million stash has grown to more than $105 million, reflecting a 114% increase. Radiant Capital was targeted in a $58 million exploit affecting its cross-chain lending protocol on both Arbitrum and BNB Chain.
The attacker has since consolidated funds into Ethereum, holding about 21,957 ETH worth $103 million as of mid-August.
Other Hackers Struggle With Market Trades
Not all cybercriminals have been able to grow their stolen assets. In July, Lookonchain tracked a crypto wallet that panic sold 12,282 Ethereum during a downturn, only to repurchase at higher prices, losing $6.9 million in the process.
During another dip, the same wallet sold 4,958 Ether but managed to lock in $9.75 million in profit. Analysts suggested that many hackers’ trades are less about timing markets and more about moving funds to obscure their origins.
While some wallets have succeeded in growing their holdings, others have faced losses due to poor trading strategies. Experts say that market evasion techniques often lead to unintended exposure to price volatility.
