According to Lookonchain, trades have been made in the market by the Radiant Capital hacker and another alleged unknown cybercriminal.
An amount of $8 million in Solana was bought on Sunday by a wallet address that was labeled by blockchain security analysts as the “Coinbase hacker,” using what was reportedly ill-gotten gains.
According to Lookonchain, DAI was converted to USDC by the hacker, which was then bridged to the Solana network, and 38,126 Solana (SOL) was bought near the $209 mark across multiple purchases.
Solana is currently trading at $202.15, meaning a paper loss has been made by the hacker since the trade.
Hacker Buys Ether in July
The wallet address has been flagged as “Coinbase hacker” by the blockchain analytics platform Arkham, while Lookonchain has claimed that the wallet is linked to the theft of over $300 million from Coinbase users.
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The alleged hacker first came to the attention of Lookonchain two months ago, when 26,762 Ether worth $69.25 million at the time was sold by them.
In July, it was said by Lookonchain that two major purchases were also made from the same wallet. On July 7, an amount of 4,863 Ether, worth $12.55 million, was bought by the same hacker, and on July 19, an amount of 649 Ether was bought for $2.3 million at a cost of $3,562 per token.
Radiant Capital Hacker Increases Stolen Funds Through Trading
It was estimated in May by onchain sleuth and security analyst ZachXBT that the total amount lost by Coinbase users to social engineering scams was $330 million, which he said reflected the growing number of sophisticated attack strategies that are used to defraud crypto holders.
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The Coinbase hacker isn’t the only one trading ill-gotten gains. Last week, a wallet connected to the Radiant Capital exploit bought 4,913 Ether around Wednesday, then 4,131 Ether was sold on Saturday, making a profit of $2.7 million.
“Their stolen $49.5 million stash has now grown to over $105 million,” Lookonchain said, which represents an increase of around 114%.
In mid-October 2024, the decentralized finance protocol Radiant Capital was the victim of a $58 million cybersecurity breach on the BNB Chain and Arbitrum.
The attacker swapped proceeds into Ether, with around 21,957 Ether, which was worth about $103 million as of Aug. 14, being held, according to Lookonchain.
Analyzing an Unknown Hacker’s Panic Sale
However, some hackers have not been as lucky.
In July, a wallet that was flagged as “likely belonging to hackers” was being tracked by Lookonchain, and it sold 12,282 Ether and then bought back in at a higher price during a market downturn, which resulted in a loss of $6.9 million.
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“Hackers are not good at trading,” the company said.
During another market dip, 4,958 Ether was panic-sold on Aug. 15 by the same wallet, which locked in a profit of $9.75 million.
