'Coinbase hacker' wallet executes $8 million purchase of Solana (SOL)

The crypto wallet labeled as belonging to the infamous "Coinbase hacker" recently made headlines by purchasing approximately $8 million worth of Solana (SOL) tokens.

This prominent hacker, responsible for a significant security breach that led to the theft of over $300 million from Coinbase users, has shown ongoing activity in the crypto market despite being under surveillance. According to blockchain analytics, the hacker bridged the USDC to the Solana network to acquire 38,126 SOL tokens at around $209 each within a short span of about two hours.

This move has sparked much discussion in the crypto community, raising questions about how such large transactions could proceed when the wallet is already flagged and monitored by authorities. It exposes the challenges exchanges and decentralized platforms face in enforcing strict checks on high-value transactions involving stolen funds.

Solana’s network speed and high throughput—processing transactions at about 65,000 per second with finality in less than a second—make it attractive for quick asset movements but also highlight vulnerabilities where illicit funds can be quickly shifted without immediate detection.

Notably, the hacker sold over 26,000 ETH for about $69 million earlier this year and made substantial ETH purchases in July, indicating sophisticated asset management aimed at maximizing liquidity and obscuring the origin of stolen funds. The recent acquisition of Solana suggests confidence in its market potential, as SOL has seen notable gains recently despite being below its all-time highs.

This case illustrates ongoing challenges in crypto security, as well as the hacker’s calculated maneuvers to convert and diversify stolen assets across various major cryptocurrencies and blockchains. The purchase underscores both the capabilities of Solana’s network and the persistent threats posed by advanced cybercriminals in the crypto space, prompting continued investigation and the need for improved safeguards.

Posted Using INLEO