A hacker linked to the May 2025 Coinbase breach has purchased 38,126 Solana (SOL) tokens worth approximately $7.95 million at an average price of $209 per token. Blockchain tracking firm Ember CN reported the transaction occurred on August 23, 2025, with the hacker first converting 7.957 million DAI to USDC before bridging the funds to the Solana network.
This marks the latest in a series of calculated moves by the hacker. In May, they sold 26,347 Ethereum for 68 million DAI at $2,588 per token. Two months later in July, they bought back 5,513 ETH for 14.865 million DAI at $2,696 per token, demonstrating a strategic trading approach rather than random liquidation.
The Solana purchase aligns with optimistic analyst projections. Trader Ali Martinez has suggested holding SOL until it reaches $360, citing a rising channel pattern with key resistance levels at $215, $227, and $242. Mert from Helius.dev described Solana as "one of the strongest coins in the market," highlighting its four-year track record of attracting developers, traders, and users despite market pressures.
The original Coinbase breach impacted approximately 70,000 users between December 2024 and May 2025, with hackers allegedly bribing foreign customer-support contractors to access sensitive user information. Coinbase CEO Brian Armstrong confirmed the exchange would reimburse affected customers and announced a $20 million bounty for information leading to arrests, with total remediation costs estimated at $400 million.