Over 38,000 Solana Purchased With Stolen Crypto

A hacker linked to the Coinbase breach has made another move, this time buying over 38,000 Solana tokens worth nearly $8 million.

Blockchain tracking firm Ember CN reported that the hacker converted 7.957 million DAI to USDC before bridging the funds to Solana and purchasing the tokens at an average price of $208.

Blueprint Of Bold Moves

This is not the first major transaction tied to the hacker. Back in May, they offloaded 26,347 Ethereum for 68 million DAI at $2,588 per token.

Two months later in July, they shifted gears and bought back 5,513 ETH for 14.865 million DAI, paying an average of $2,696 each.

These calculated trades suggest the individual or group behind the breach is taking a measured approach rather than making random decisions.

https://twitter.com/EmberCN/status/1959464609552937112?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

Market conditions may have influenced this latest decision. Solana has gained more than 17% over the past 30 days, even though it remains down about 25% from its all-time high of $295 in January. Analysts believe the token could see more upside if current momentum holds.

Technical Outlook Signals Room For Gains

Trader Ucan has identified a rising channel in Solana’s price structure following a rounded bottom formation.

Key resistance levels include $215 for the first barrier, $227 for a breakout signal, and $242 as an upper target.

The channel’s top sits near $251. Another market voice, trader Ali, suggested holding Solana until it approaches $360, a level some expect if bullish sentiment stays strong.

The hacker’s purchase price of $208 aligns with those optimistic calls. Whether the market rewards that bet remains to be seen, but the move places the hacker among investors banking on Solana’s rally continuing.

Fallout From The Coinbase Breach

The initial breach, which took place in May, impacted about 70,000 Coinbase users. The reports indicated that the hackers paid foreign customer-support contractors a bribe to gain access to sensitive user information between December 2024 and May 2025.

Sensitive user information exposed consisted of full names, birth dates, addresses, phone numbers, masked bank account data, and scans of government identification.

Coinbase made the hack public after being presented with a $20 million ransom payment, which Coinbase declined to make.

CEO Brian Armstrong later confirmed the exchange would reimburse affected customers and announced a $20 million bounty for information leading to an arrest.

The company estimates remediation costs could reach $400 million as it works to tighten security and restore user confidence.

For now, attention remains on the hacker’s latest bet. Whether the Solana purchase proves profitable—or marks the beginning of more high-profile trades—will depend on what happens in the coming weeks as the market reacts to shifting sentiment.

Featured image from Pixabay, chart from TradingView