Tracking the Hacker: A Deep Dive into the Latest Crypto Moves
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The Hacker’s Strategic Acquisition of Solana Tokens
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In a notable development linked to the infamous Coinbase security breach, a hacker has strategically acquired over 38,000 Solana tokens, valued at nearly $8 million. This maneuver was reported by the blockchain analytics firm Ember CN, which noted that the hacker converted 7.957 million DAI into USDC. Subsequently, they bridged these funds to Solana, purchasing the tokens at an approximate rate of $208 each.
Blueprint of Calculated Transactions
This latest acquisition is far from being an isolated event. In May, the same hacker sold 26,347 Ethereum for 68 million DAI, with each Ethereum fetching $2,588. By July, a strategic shift was evident as they repurchased 5,513 ETH for 14.865 million DAI, this time at an average price of $2,696. These transactions indicate a well-thought-out strategy, demonstrating that those behind the breach are making informed and deliberate moves in the cryptocurrency market.
Market Dynamics and Solana’s Potential Upside
The recent decision to purchase Solana tokens may have been influenced by favorable market conditions. Over the past month, Solana has experienced a price increase of over 17%, despite being down from its January all-time high of $295. Market analysts believe Solana could see further gains if the current bullish trend continues.
Technical Analysis Points to Further Growth
A trader known as Ucan has identified a rising channel pattern in Solana’s price trajectory, following a rounded bottom formation. Critical resistance levels are marked at $215 and $227, with an upper target of $242. The channel’s peak is identified near $251. Another trader, Ali, advises holding Solana until it approaches $360, a target some expect if positive market sentiment persists. The hacker’s purchase price of $208 aligns with these optimistic projections, placing them among investors betting on Solana’s continued rally.
Repercussions of the Coinbase Breach
The initial breach, uncovered in May, affected approximately 70,000 Coinbase users. Investigations revealed that hackers bribed foreign customer-support contractors to access sensitive user data between December 2024 and May 2025. Compromised information included full names, birth dates, addresses, phone numbers, obscured bank account details, and government ID scans.
Coinbase disclosed the attack after refusing to pay a $20 million ransom demand. CEO Brian Armstrong subsequently assured that affected users would be reimbursed and announced a $20 million bounty for information leading to the hackers’ arrest. The company estimates that remediation efforts could cost up to $400 million as it endeavors to enhance security measures and rebuild user trust.
Future Implications
The crypto community remains focused on the hacker’s latest Solana acquisition. Whether this investment yields profits or signifies the start of more high-profile trades will depend on forthcoming market shifts and sentiment changes.
Image credited to Pixabay, chart data sourced from TradingView.
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