A pockets handle labeled by blockchain safety analysts because the “Coinbase hacker” purchased $8 million in Solana on Sunday utilizing reportedly ill-gotten beneficial properties.
According to Lookonchain, the hacker transformed DAI (DAI) to USDC (USDC), then bridged to the Solana network and acquired 38,126 Solana (SOL) close to the $209 mark throughout a number of purchases.
Solana is at present buying and selling at $202.15, which means the hacker has made a paper loss because the commerce.
Blockchain analytics platform Arkham has flagged the pockets handle as “Coinbase hacker,” whereas Lookonchain claimed the pockets is linked to the theft of over $300 million from Coinbase customers.
Hacker purchased Ether in July
The alleged hacker first got here to the eye of Lookonchain two months in the past, once they sold 26,762 Ether value $69.25 million on the time.
In July, Lookonchain said there have been additionally two main purchases from the same wallet. On July 7, the identical hacker purchased 4,863 Ether, value $12.55 million, then on July 19, they purchased 649 Ether for $2.3 million, at a value of $3,5621 per token.
Onchain sleuth and safety analyst ZachXBT estimated in Might that the overall amount lost by Coinbase users to social engineering scams at $330 million, which he mentioned mirrored the rising variety of subtle assault methods to defraud crypto holders.
Radiant Capital hacker grows stack by trades
The Coinbase hacker isn’t the one one buying and selling ill-gotten beneficial properties. Final week, a pockets related to the Radiant Capital exploit bought 4,913 Ether round Wednesday, then offered 4,131 Ether on Saturday, making a revenue of $2.7 million.
“Their stolen $49.5M stash has now grown to over $105 million,” Lookonchain mentioned, representing a rise of round 114%.
Decentralized finance protocol Radiant Capital was hacked in mid-October 2024 when the cross-chain lending protocol suffered a $58 million cybersecurity breach on BNB Chain and Arbitrum.
The attacker swapped proceeds into Ether, holding round 21,957 Ether value about $103 million, as of Aug. 14, in accordance to Lookonchain.
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Specialists told Cointelegraph at the time that it was unlikely to be a deliberate market-timing technique and possibly simply an unintended consequence of evasion methods to obscure the stolen loot.
Unknown hacker panic sells
Nevertheless, some hackers haven’t been as fortunate.
In July, Lookonchain was tracking a pockets they flagged as “seemingly belonging to hackers,” which offered 12,282 Ether and acquired again in at a better value throughout a market downturn, leading to a lack of $6.9 million.
“Hackers are usually not good at buying and selling,” the corporate mentioned.
Throughout one other market dip, the identical pockets panic sold 4,958 Ether on Aug. 15, locking in a revenue of $9.75 million.
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