Hacker Diversifies Stolen Crypto, Buys 100,000 SOL in Latest Move
A hacker, who likely stole $22.95 million worth of cryptocurrency from Coinbase in May 2025, has made another significant move. DeFi Development Corp has acquired over 100,000 SOL, the native token of the Solana blockchain, through two on-chain transactions. This is the largest SOL purchase by the hacker since the cyberattack.
The hacker initially purchased over 100,000 SOL at an average price of $227. This recent transaction follows a similar one a month prior, where the hacker swapped DAI for USDC and bought 38,126 SOL. The hacker has made at least five on-chain transactions since the May 2025 breach, indicating a series of strategic moves.
The hacker's activities have been closely monitored. After the initial breach, which affected nearly 70,000 Coinbase users, the hacker swapped $42.5 million from Bitcoin into ETH via THORChain. Most recently, the hacker swapped $22.95 million DAI into USDC and bridged it to Solana, spending $22.95 million worth of USD Coin on SOL. However, the hacker has since emptied most of their holdings on the wallet address, leaving only $0.47 worth of Solana.
The hacker's latest move, the second major SOL purchase, further demonstrates their intent to diversify their stolen assets. Despite the significant transactions, only a small fraction of the initial stolen funds remains in the hacker's wallet. Law enforcement and cybersecurity experts continue to track the hacker's activities to recover the stolen funds and bring the culprit to justice.
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