The Radiant Capital hacker and another alleged unknown cybercriminal have also been seemingly making trades in the market, according to Lookonchain.
A wallet address labeled by blockchain security analysts as the “Coinbase hacker” bought $8 million in Solana on Sunday using their reportedly ill-gotten gains.
According to Lookonchain, the hacker converted DAI (DAI) to USDC (USDC), then bridged to the Solana network and bought 38,126 Solana (SOL) near the $209 mark across multiple purchases.
Solana is currently trading at $202.15, meaning the hacker has made a paper loss since the trade.
Blockchain analytics platform Arkham has flagged the wallet address as “Coinbase hacker,” while Lookonchain claims the wallet is linked to the theft of over $300 million from Coinbase users.
The alleged hacker first came to the attention of Lookonchain two months ago, when the suspected cybercriminal sold 26,762 Ether worth $69.25 million at the time.
In July, Lookonchain said there were also two major purchases from the same wallet. On July 7, the same hacker bought up 4,863 Ether, worth $12.55 million, then on July 19, they bought 649 Ether for $2.3 million, at a cost of $3,5621 per token.
Onchain sleuth and security analyst ZachXBT estimated in May that the total amount lost by Coinbase users to social engineering scams at $330 million, which he said reflected the growing number of sophisticated attack strategies to defraud crypto holders.
The Coinbase hacker isn’t the only one trading up their ill-gotten gains. Last week, a wallet connected to the Radiant Capital exploit bought up 4,913 Ether around Aug. 20, then sold 4,131 Ether on Saturday, making a profit of $2.7 million.
“Their stolen $49.5M stash has now grown to over $105 million,” Lookonchain said, representing an increase of around 114%.
Decentralized finance protocol Radiant Capital was hacked in mid-October 2024 when the crosschain lending protocol suffered a $58 million cybersecurity breach on BNB Chain and Arbitrum.
The attacker swapped proceeds into Ether, holding around 21,957 Ether worth about $103 million, as of Aug. 14, according to Lookonchain.
Related: DOJ is investigating Coinbase data breach — Report
Experts told Cointelegraph at the time that it was unlikely to be a deliberate market-timing strategy and probably just an unintended consequence of evasion techniques to obscure the stolen loot.
However, some hackers haven’t been as lucky.
In July, Lookonchain was tracking a wallet they flagged as “likely belonging to hackers,” which sold 12,282 Ether and bought back in at a higher price during a market downturn, resulting in a loss of $6.9 million.
