A pockets tackle labeled by blockchain safety analysts because the “Coinbase hacker” purchased $8 million in Solana on Sunday utilizing reportedly ill-gotten features.
In accordance to Lookonchain, the hacker transformed DAI (DAI) to USDC (USDC), then bridged to the Solana community and acquired 38,126 Solana (SOL) close to the $209 mark throughout a number of purchases.
Solana is presently buying and selling at $202.15, that means the hacker has made a paper loss for the reason that commerce.
Blockchain analytics platform Arkham has flagged the pockets tackle as “Coinbase hacker,” whereas Lookonchain claimed the pockets is linked to the theft of over $300 million from Coinbase customers.
Hacker purchased Ether in July
The alleged hacker first got here to the eye of Lookonchain two months in the past, once they bought 26,762 Ether price $69.25 million on the time.
In July, Lookonchain mentioned there have been additionally two main purchases from the identical pockets. On July 7, the identical hacker purchased 4,863 Ether, price $12.55 million, then on July 19, they purchased 649 Ether for $2.3 million, at a price of $3,5621 per token.
Onchain sleuth and safety analyst ZachXBT estimated in Could that the full quantity misplaced by Coinbase customers to social engineering scams at $330 million, which he mentioned mirrored the rising variety of refined assault methods to defraud crypto holders.
Radiant Capital hacker grows stack by way of trades
The Coinbase hacker isn’t the one one buying and selling ill-gotten features. Final week, a pockets related to the Radiant Capital exploit purchased 4,913 Ether round Wednesday, then bought 4,131 Ether on Saturday, making a revenue of $2.7 million.
“Their stolen $49.5M stash has now grown to over $105 million,” Lookonchain mentioned, representing a rise of round 114%.
Decentralized finance protocol Radiant Capital was hacked in mid-October 2024 when the cross-chain lending protocol suffered a $58 million cybersecurity breach on BNB Chain and Arbitrum.
The attacker swapped proceeds into Ether, holding round 21,957 Ether price about $103 million, as of Aug. 14, based on Lookonchain.
Associated: DOJ is investigating Coinbase knowledge breach— Report
Specialists instructed Cointelegraph on the time that it was unlikely to be a deliberate market-timing technique and doubtless simply an unintended consequence of evasion strategies to obscure the stolen loot.
Unknown hacker panic sells
Nonetheless, some hackers haven’t been as fortunate.
In July, Lookonchain was monitoring a pockets they flagged as “seemingly belonging to hackers,” which bought 12,282 Ether and acquired again in at the next worth throughout a market downturn, leading to a lack of $6.9 million.
“Hackers aren’t good at buying and selling,” the corporate mentioned.
Throughout one other market dip, the identical pockets panic bought 4,958 Ether on Aug. 15, locking in a revenue of $9.75 million.
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