Coinbase Hacker’s Latest Move: Spending Stolen Funds on Solana
A recent on-chain analysis has revealed that the Coinbase hacker spent $22.95 million in USDC on Solana, marking the second significant SOL purchase. This development comes after the hacker’s involvement in a major cyber attack in May 2025, which resulted in the theft of up to $400 million.
According to Ember CN, an on-chain analyst, the hacker exchanged approximately $22.95 million in DAI for USDC just hours before bridging it to the Solana network. The hacker then used the USDC to buy 100,913 SOL at an average price of $227. This transaction is the largest SOL purchase made by the hacker to date.
Previous Transactions and Attacks
The Coinbase hacker has carried out at least five notable on-chain transactions since the May 2025 attack. These transactions include exchanging $42.5 million in USDC for Bitcoin (BTC) and Ethereum (ETH), as well as selling 26,347 Ethereum for $68.18 million in DAI. The hacker also bought back 5,513 ETH in July, issuing $2,696 in the process.
The May 2025 attack on Coinbase compromised the personal data of nearly 70,000 users, including names, birth dates, addresses, phone numbers, and state-based ID scans. The hacker achieved this by bribing customer support companies in overseas locations between December 2024 and May 2025, using social engineering tactics to gain access to sensitive information.
At the time of writing, Solana (SOL) is trading at $231, having increased by 10.8% over the past month. However, it remains 21.2% below its all-time high of $293. The hacker’s latest transaction has sparked interest in the Solana network, with many wondering what prompted the large purchase.
The Coinbase Hacker had issued stolen means to buy 100,913 Sol Source: Embercn
Implications and Future Developments
The Coinbase hacker’s actions have significant implications for the cryptocurrency market, highlighting the need for enhanced security measures and vigilance. As the investigation into the May 2025 attack continues, it is essential to monitor the hacker’s movements and transactions to prevent further illicit activities.
For more information on this developing story, please visit https://crypto.news/coinbase-hacker-spent-stolen-funds-on-100k-solana/
