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A hacker connected to the high-profile Coinbase breach has resurfaced with another bold move. Blockchain analysts report that the individual has purchased more than 38,000 Solana (SOL) tokens, valued at nearly $8 million, using stolen funds.
According to blockchain tracking firm Ember CN, the hacker first converted 7.957 million DAI into USDC before bridging the assets to the Solana blockchain. From there, they bought SOL tokens at an average price of $208 each, aligning their trade with ongoing bullish sentiment surrounding the cryptocurrency.
A Pattern of Calculated Trades
This latest transaction is not an isolated event. On-chain records show that the hacker has carried out a series of high-value trades since May.
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In May 2025, the hacker sold 26,347 Ethereum (ETH) for around 68 million DAI, at an average price of $2,588 per token.
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In July, they switched strategies, buying back 5,513 ETH for 14.865 million DAI at an average of $2,696 each.
These moves suggest a measured and strategic approach rather than impulsive liquidations. Analysts believe the trades reflect a deliberate effort to capitalize on shifting market conditions while concealing stolen funds across different chains.
Why Solana?
The decision to allocate stolen funds into Solana comes at a time when the token is showing relative strength in the broader market.
Over the past 30 days, Solana has gained more than 17%, despite still being down around 25% from its January all-time high of $295. Traders have identified technical setups that suggest further gains could be possible if momentum continues.
Technical Outlook for Solana
Market analyst Trader Ucan highlighted that Solana’s price has been following a rising channel after completing a rounded bottom formation. Within this structure, several resistance levels stand out:
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$215 as the first key barrier
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$227 as a breakout confirmation level
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$242 as the next upside target
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$251, the top of the channel
Meanwhile, another analyst known as Trader Ali believes that Solana has the potential to climb much higher if bullish momentum holds. Ali suggested that $360 per token could be a long-term target.
The hacker’s average purchase price of $208 closely aligns with these bullish projections, suggesting that they, too, may be betting on further appreciation.
At press time, Solana was trading near $208.6, according to data from TradingView.
Fallout From the Coinbase Breach
The hacker’s activity continues to draw attention back to the original Coinbase breach, which took place earlier this year.
In May 2025, Coinbase confirmed that approximately 70,000 user accounts were compromised. Investigations revealed that foreign customer-support contractors had been bribed to provide access to sensitive customer data between December 2024 and May 2025.
Exposed information included:
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Full names
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Birth dates
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Addresses
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Phone numbers
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Masked bank account details
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Government-issued ID scans
The attackers reportedly demanded a $20 million ransom, which Coinbase refused to pay. Instead, the company publicly disclosed the breach.
Coinbase CEO Brian Armstrong later revealed that the exchange would fully reimburse affected customers. In addition, the company offered a $20 million bounty for information leading to the identification and arrest of those responsible.
The exchange has since estimated that remediation costs could reach $400 million, including reimbursements, security upgrades, and ongoing investigations.
What the Solana Purchase Could Mean
The hacker’s decision to move into Solana has sparked debate among analysts. On one hand, the move reflects confidence in the token’s near-term outlook. On the other, it raises concerns about how stolen funds are being laundered and deployed in plain sight.
For Solana, the purchase adds to existing bullish momentum. Traders argue that such a large buy order could provide short-term price support if it reduces circulating supply. However, the long-term impact will depend on whether the hacker decides to hold the tokens or offload them in future trades.
Market watchers note that the $208 entry price positions the hacker in line with other bullish traders targeting levels above $227 and $242. Should Solana sustain its current channel, their bet could prove profitable. Conversely, a breakdown below $200 would put the trade at risk.
Security and Market Implications
The ongoing movements of funds tied to the Coinbase hack highlight broader challenges in the cryptocurrency industry. Despite sophisticated tracking tools, hackers continue to find ways to move stolen funds through different blockchains and exchanges.
For Coinbase, the incident has become one of the most costly breaches in the industry’s history, both in financial terms and in the reputational hit to its platform security. For traders, it serves as a reminder of the risks posed not only by market volatility but also by systemic vulnerabilities.
Outlook
For now, attention remains firmly fixed on whether Solana’s bullish momentum can sustain itself in the weeks ahead. If the token clears resistance levels at $215 and $227, analysts believe it could open the way toward higher targets, possibly rewarding the hacker’s risky bet.
At the same time, regulatory and law enforcement agencies continue to track the funds linked to the Coinbase breach. Whether this purchase proves to be a profitable trade or another breadcrumb in a trail leading investigators closer to the culprits remains an open question.
