Crypto Sleuths Trace $8M SOL Buy to Alleged Coinbase Thief

The wallet recently carried out several large purchases of SOL. The transactions totaled about $8 million in value.

According to a report by Lookonchain, the wallet first swapped DAI

DAI


$0.9989



for USDC

USDC


$0.9990



, then used a bridge to transfer funds over to the Solana network. Once there, it completed multiple trades by buying 38,126 SOL at prices near $209 per token.

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At the time of reporting, Solana’s value had dropped to around $202.15, which indicates that the wallet’s new holdings had already decreased in value.

This wallet has been active for several months. In May, Lookonchain highlighted a large sale of 26,762 ETH

ETH


$4,585.68



from the same address, worth about $69.25 million at that point.

In July, the wallet made two ETH purchases, one on the 7th for 4,863 ETH ($12.55 million), and another on the 19th for 649 ETH ($2.3 million), with Lookonchain citing a purchase price of $3,5621 per coin.

Arkham Intelligence labeled the address as the “Coinbase hacker”, while Lookonchain estimated that it may be tied to a theft exceeding $300 million from Coinbase-linked accounts.

Recently, Coinbase reported that the exchange lost around $300,000 in tokens. What did Chief Security Officer Philip Martin say? Read the full story.