A wallet linked to the $300M Coinbase hack purchased about 38,126 SOL (~$8M) after bridging stablecoins to Solana; on-chain analysts report the position is currently at a paper loss as SOL trades lower, and the address has prior large ETH trades tied to alleged Coinbase-related thefts.
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Wallet bought 38,126 SOL (~$8M) after bridging stablecoins to Solana
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On-chain investigators (Arkham, Lookonchain) and analyst ZachXBT flag the address as tied to prior Coinbase-related thefts.
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Recent SOL buy at roughly $209 now trades near $202, placing the position in a paper loss; prior ETH moves exceeded $84M in recent months.
Coinbase hack wallet buys Solana: wallet tied to $300M Coinbase hack purchased $8M in SOL, now at a paper loss — read on-chain analysis and data from blockchain investigators.
What happened when the Coinbase hack wallet bought Solana?
The Coinbase hack wallet swapped DAI for USDC, bridged funds to Solana and purchased 38,126 SOL at ~ $209 per token, totaling about $8M. On-chain reporting shows SOL has slipped to near $202, so the position is currently in unrealized loss while the address continues on-chain trading patterns previously observed.
How did the wallet move funds and what data supports the attribution?
The address converted stablecoins (DAI → USDC), used a cross-chain bridge to move liquidity onto Solana, then executed a single large buy of SOL. Blockchain intelligence mentions: Arkham and Lookonchain flagged the address; on-chain investigator ZachXBT estimated up to $330M drained in related Coinbase-targeted scams. Data points: 38,126 SOL at ~$209; recent SOL price ~ $202.
| Date | Asset | Quantity | Approx. USD |
|---|---|---|---|
| Late Aug 2025 | SOL | 38,126 | $8,000,000 |
| July 2025 | ETH | ~5,500 | $15,000,000 |
| Earlier 2025 | ETH | ~26,000 (liquidated) | $69,000,000 |
Why do analysts link this address to the Coinbase-related thefts?
Analysts base the link on transaction patterns, clustering analysis, and historical tagging by blockchain intelligence platforms. The same address has repeatedly consolidated large sums, bridged between chains, and executed high-value swaps consistent with prior addresses tied to the reported Coinbase-targeted social engineering campaigns.
What does this mean for on-chain risk and recoverability?
High-value trades by flagged addresses increase traceability but do not guarantee recovery. Exchanges and law enforcement rely on clustering and cooperation to freeze or recover assets; however, cross-chain movement and mixing strategies complicate tracing and limits immediate recovery options.
Frequently Asked Questions
Is this wallet connected to the reported $300M in losses?
Multiple on-chain investigators have associated the address with the broader reported losses; estimates such as ZachXBT’s place related drains near $330M, but precise attribution is ongoing and relies on continuous chain analysis.
What happened to the SOL purchase value after the trade?
The SOL buy executed near $209 has fallen to roughly $202, creating an immediate paper loss for the holding; market volatility affects short-term unrealized gains and losses.
How do specialists verify flagged wallet claims?
Verification uses clustering heuristics, bridge/exchange flow tracking, timestamp correlation, and corroboration with multiple blockchain intelligence providers and publicly shared analyst findings.
Key Takeaways
- Immediate action: A flagged wallet bought ~38,126 SOL (~$8M) after bridging to Solana, now at a paper loss.
- Attribution signals: Multiple blockchain intelligence sources and analyst reports tie the address to prior large-scale Coinbase-related thefts.
- On-chain tracing: Cross-chain bridges and repeated large swaps increase both traceability and complexity for recovery efforts.
Conclusion
On-chain data shows a wallet associated with alleged Coinbase-targeted thefts moved stablecoins to Solana and purchased about $8M in SOL, now trading below the purchase price. Continued monitoring by blockchain intelligence sources and cooperation between platforms and authorities will determine whether assets can be traced or recovered. For updates, follow COINOTAG reporting and public investigator disclosures.
