Coinbase Hacker Buys $7.9M Worth of Solana With Stolen Funds

Hacker Converts Millions in Stablecoins to Solana

The individual behind the May 2025 Coinbase breach has reappeared on-chain, this time purchasing 38,126 Solana (SOL) with stolen funds

According to blockchain analytics firm Ember CN, the hacker converted 7.957 million DAI into USDC, bridged the funds to the Solana network, and accumulated SOL at an average price of $208.7.

The purchase—valued at roughly $7.9 million—comes as Solana trades more than 17% higher over the past 30 days, though it still sits 29% below its all-time high of $293 reached in January.

A Pattern of Strategic, Long-Term Trading

This latest move marks the third significant asset shift since the hacker gained access to customer funds earlier this year.

• May 2025: Sold 26,347 ETH for 68.18M DAI at $2,588 per coin.

• July 2025: Re-bought 5,513 ETH with 14.865M DAI at $2,696.

• August 2025: Accumulated 38,126 SOL with 7.957M DAI at $208.7.

The hacker’s methodical strategy suggests an intent to rotate holdings into assets with strong upside potential. The timing aligns with growing bullish sentiment around Solana’s technical structure and long-term outlook.

X post by analyst EmberCN

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Solana Technical Outlook: Analysts Eye $360

Crypto trader Ucan notes that Solana is currently moving within a rising channel after forming a rounded bottom pattern. Key levels include:

• $215 – Initial resistance

• $227 – Breakout confirmation

• $242 – Strong upside target

• $251 – Rising channel top

Prominent analyst Ali also reinforced the bullish case, recently suggesting that holding SOL until $360 could be a winning strategy if momentum continues.

Fallout From the Coinbase Breach

The May 2025 Coinbase hack remains one of the most costly attacks on a major U.S. exchange. Nearly 70,000 customers were affected after cybercriminals executed a social-engineering campaign targeting overseas customer-support contractors.

The attackers gained access to sensitive personal data, including:

• Full names and dates of birth

• Addresses and phone numbers

• Masked bank account details

• Government-issued ID scans

Coinbase confirmed the breach after receiving a $20 million ransom demand, which it refused to pay. Instead, the exchange committed to reimbursing affected users and set aside up to $400 million in remediation costs.

CEO Brian Armstrong also announced a $20 million bounty for information leading to the hacker’s arrest.

Conclusion: Hacker’s Moves Fuel Solana’s Bullish Momentum

While the Coinbase hacker’s activities underscore the lingering risks of exchange breaches, they also spotlight how stolen funds can impact market flows.

The $7.9M Solana purchase adds fuel to the bullish case for SOL, especially as the token builds technical momentum toward higher resistance levels.

With Solana’s rally heating up and the Coinbase breach still under investigation, market watchers are keeping a close eye on whether this hacker’s trades foreshadow broader shifts in the crypto landscape.

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