A wallet flagged by blockchain analysts as belonging to the so-called “Coinbase hacker” has resurfaced, this time splashing millions on Solana — and already finding itself in the red.
On Sunday, the wallet swapped DAI for USDC, bridged the funds onto Solana, and bought 38,126 SOL at roughly $209 each, according to data from Lookonchain. With Solana now trading closer to $202, the move has already slipped into paper losses.
Blockchain intelligence firm Arkham identified the wallet as connected to a large-scale Coinbase-related theft, while Lookonchain maintains it is tied to more than $300 million siphoned from exchange users through elaborate scams.
Not the First High-Profile Trade
This isn’t the first time the wallet has been spotted making large trades. In July, the same address purchased nearly 5,500 ETH across two transactions worth around $15 million. Just weeks earlier, it had liquidated over 26,000 ETH for more than $69 million, sparking speculation that the funds were part of an effort to obfuscate stolen assets.
On-chain investigator ZachXBT previously estimated that as much as $330 million has been drained from Coinbase users via advanced social engineering attacks, underscoring the scale of the problem.
Radiant Capital Exploit Wallet Grows
The Coinbase-linked wallet is not alone in using illicit gains to speculate. Lookonchain also highlighted activity from the Radiant Capital hacker, who pulled off a $58 million exploit in late 2024. That wallet has since ballooned to over $105 million in value after a series of well-timed ETH trades.
The attacker reportedly bought nearly 5,000 ETH last week and sold most of it days later for a profit of $2.7 million, adding to a growing stash of 21,957 ETH.
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Source: https://coindoo.com/wallet-tied-to-300m-coinbase-hack-just-bought-8m-in-solana/