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

Crypto Sleuths Trace $8 Million Solana Buy to Alleged Coinbase Thief

Written by Aaron S.,

Editor-In-Chief

Last Updated: August 25, 2025

Key Takeaways

A wallet linked to the “Coinbase hacker” spent $8 million in stablecoins to buy 38,126 SOL near $209 each;
The funds were moved by swapping DAI to USDC, bridging to Solana, and completing several trades;
The same wallet has been active for months and may be tied to over $300 million in stolen Coinbase funds.

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Blockchain security firms have tracked a wallet suspected of being linked to a Coinbase $3.57B theft after it used millions in stablecoins to purchase Solana SOL $187.35 .

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 $1.00 for USDC USDC $1.00 , 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 $4,383.50 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.