Unraveling the Latest Moves of the Infamous Coinbase Hacker
In a surprising turn of events, the notorious hacker responsible for the $300 million breach of Coinbase (NASDAQ: COIN) has emerged once again, this time making headlines with the acquisition of Solana (SOL). This move is part of a continued strategy to diversify holdings across prominent blockchain networks.
The Significant Acquisition of Solana
On August 24, the hacker orchestrated the purchase of 38,126 SOL tokens, valued at approximately $7.95 million, with each token acquired at an average price of $209. This information was uncovered through on-chain data analysis performed by Finbold, utilizing insights from Arkham Intel.
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Strategic Crypto Acquisitions
The hacker’s Solana investment follows a series of calculated moves. On July 20, the same wallet was used to buy 649.62 ETH, totaling $2.31 million at the time, with each Ethereum token priced at $3,561. These actions underscore a deliberate approach to diversifying holdings across major blockchain ecosystems, utilizing decentralized exchanges and aggregators to obfuscate fund movements.
Coinbase’s Major Security Breach
The hacker’s activities hark back to a significant security breach at Coinbase in early 2025, where cybercriminals exploited overseas support agents to breach internal systems. This incident led to the exposure of sensitive customer data, though fortunately, passwords and private keys remained secure. The breach, however, opened doors for subsequent fraud and extortion attempts.
Aftermath and Response
On May 11, the hackers demanded $20 million to refrain from releasing the stolen data. Coinbase, however, stood firm, opting to bolster security protocols, dismiss compromised staff members, and offer a $20 million bounty for information leading to the perpetrators. The exchange also committed to compensating affected users, with projected costs ranging from $180 million to $400 million.
Ongoing Asset Manipulation
Despite ongoing investigations, the hacker continues to manage and redistribute assets. Earlier this year, they converted $42.5 million worth of Bitcoin (BTC) into Ethereum (ETH) via Thorchain, even going so far as to taunt investigators with cryptic messages embedded in blockchain transactions.
Implications of the Solana Purchase
The recent acquisition of Solana signifies that the hacker remains active, strategically positioning the stolen funds for potential long-term gains. This activity reflects a calculated gamble on leading networks while maintaining a low profile to avoid detection.
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