A crypto wallet identified by blockchain security analysts as belonging to the “Coinbase hacker” made a high-profile acquisition of Solana (SOL) on Sunday, spending approximately $8 million to purchase 38,126 SOL tokens at an average price of around $209.
The transaction, tracked and flagged by platforms including Lookonchain and Arkham Intelligence, is the latest move by the wallet following a string of sizeable trades using funds reportedly stolen from Coinbase users. This development has drawn attention to on-chain trading behaviors and asset flow dynamics among alleged cybercriminals operating under public surveillance.
The wallet, labeled the “Coinbase hacker” after the theft of over $300 million from Coinbase users, increased its activity with this latest acquisition. Analysts report that the hacker first converted DAI into USDC before bridging funds onto the Solana network, then bought 38,126 SOL across multiple transactions.
This marks the third significant trade in just a few months. In July, the wallet acquired various amounts of Ether, 4,863 ETH retaken at approximately $12.55 million and 649 ETH at $2.3 million, following an earlier ETH sale of 26,762 tokens valued at $69.25 million.
The Solana purchase has already resulted in a paper loss, as SOL currently trades at around $202.15, down significantly from the wallet’s average entry price.
This behavior differs from some earlier patterns, including other hackers like those behind the Radiant Capital exploit, who actively traded stolen funds to boost gains.
Market observers warn that such high-volume, rapid trades, particularly by wallets linked to criminal activity, raise broader concerns regarding on-chain liquidity, exchange exposure, and the potential for market manipulation.
While no formal statement has been published by Solana, Coinbase, or regulators, the transaction emphasises the threats of ill-gotten crypto funds remaining active within mainstream networks. This emphasises the demand for increased wallet surveillance, improved compliance standards for exchanges, and stronger collaboration between blockchain analytics platforms and law enforcement.
At over $8 million, the Solana acquisition by a wallet labelled as the “Coinbase hacker” shows the flow of stolen wealth in blockchain marketplaces and the necessity for improved risk detection tools.
