In a startling development, a hacker associated with the recent Coinbase security breach has made a significant investment by acquiring over 38,000 Solana tokens, amounting to nearly $8 million.
According to reports from blockchain analytics firm Ember CN, the hacker exchanged approximately 7.957 million DAI for USDC before facilitating a cross-chain transfer to Solana, purchasing the tokens at an average rate of $208.
A Strategic Gambit
This latest transaction isn’t the hacker’s first major move. Previously, in May, they liquidated 26,347 Ethereum, netting 68 million DAI at a price of $2,588 each.
By July, they shifted back into Ethereum, repurchasing 5,513 ETH for 14.865 million DAI, paying an average of $2,696 per token.
Such transactions indicate a planned and deliberate trading strategy, possibly foreshadowing future market maneuvers.
The hacker involved in the Coinbase breach has, in a recent strategic move, swapped 795.7 million DAI for USDC, subsequently transitioning to Solana to purchase 38,126 SOL with an average buy-in of $208.7.
This individual had earlier:
1️⃣ in May, sold 26,347 ETH for 68 million DAI, averaging $2,588.
2️⃣ in July, reinvested 14.865 million DAI to acquire 5,513 ETH…pic.twitter.com/GIPGqwUJYu— User Handle (@EmberCN) Date
Market dynamics might have played a role in this latest undertaking. Solana’s valuation has surged by over 17% in the last month, although it remains about 25% shy of its all-time high of $295 recorded in January. Analysts speculate the token may have further upside potential if this upward trend continues.
Positive Technical Indicators Suggest Future Gains
Trader Ucan has pinpointed a bullish pattern in Solana’s market movement following a rounded bottom, indicating increased buying interest.
Crucial resistance levels are identified at $215, acting as the first hurdle, followed by $227 signaling a breakout, and $242 marking the upper target for optimistic traders.
With the upper channel limit estimated around $251, trader Ali suggests maintaining Solana until it reaches near $360, assuming bullish sentiments prevail.
This hacker’s entry price of $208 could resonate well with these projections. The real question is whether the market will validate this investment as conditions unfold.
At present, all eyes are on the hacker’s latest investment. The effectiveness of this purchasing strategy—and its potential implications for broader market movements—will become clearer in the weeks to come.
The Aftermath of the Coinbase Breach
The initial Coinbase breach, occurring in May, compromised the accounts of approximately 70,000 users. Reports suggest that the hackers incentivized foreign customer-support contractors to divulge sensitive information between December 2024 and May 2025.
The breach revealed critical user data, including full names, birth dates, addresses, phone numbers, masked bank account information, and government-issued ID scans.
Coinbase publicly acknowledged the breach after being confronted with a $20 million ransom demand, which they opted not to pay.
In response, CEO Brian Armstrong confirmed the organization would reimburse those impacted and also announced a $20 million reward for information leading to arrests.
The company anticipates that costs associated with addressing the breach could reach upwards of $400 million as they work to enhance security and rebuild user trust.
For now, industry focus remains trained on the hacker’s latest activities, as the potential profitability of their Solana acquisition will be determined by market trends moving forward.
Image credit: Pixabay. Chart data courtesy of TradingView.
