Coinbase Hacker Converts $8M to 38K SOL via Stablecoins
Blockchain analytics firms Lookonchain and Arkham have traced a wallet linked to an alleged Coinbase hacker that converted $8M in stablecoins into 38,126 SOL. The address first swapped DAI for USDC, bridged funds to the Solana network, and bought SOL at an average price of about $209 each. Solana’s price then dropped to around $202.15, inflicting paper losses on the hacker’s holdings.
This wallet has been active for months. In May, it sold 26,762 ETH for roughly $69M. In July, it made two separate purchases of 4,863 ETH and 649 ETH. Analysts estimate these funds may be part of more than $300M stolen from Coinbase users.
The activity highlights ongoing risks of crypto theft and the challenges of laundering stolen funds. Traders should monitor Solana’s price action as large holdings from illicit sources could add volatility to the market.
Bearish
The revelation that an alleged Coinbase hacker holds 38,126 SOL purchased with $8M in stablecoins adds significant selling pressure to Solana’s market. In the short term, traders may anticipate potential dumps from this wallet, increasing volatility and downward price momentum. Over the long term, continued laundering of stolen funds undermines market confidence in Solana’s stability, potentially keeping investor sentiment cautious. This combination of immediate sell risks and broader security concerns suggests a bearish outlook for SOL.