🕵️ Coinbase Hacker Buys $8M in Solana — Already in the Red

[etfs]

Blockchain sleuths have spotted the so-called “Coinbase hacker” making some big moves this weekend — but not necessarily smart ones.

The $8M Solana Buy

Converted DAI → USDC → bridged to Solana

Bought 38,126 SOL around $209 each

Current price: $202.15 → already a paper loss

Arkham tagged the wallet as linked to the $300M Coinbase hack, and Lookonchain is tracking the trades.

Hacker’s Trading History

This isn’t their first rodeo:

July: Sold 26,762 ETH for ~$69.25M

July 7: Bought 4,863 ETH (~$12.55M)

July 19: Bought 649 ETH (~$2.3M at $3,562 each)**

Basically, this wallet has been splashing around millions in ETH for months.

The Radiant Capital Hacker — Winning Big

Not all hackers are bad traders. The Radiant Capital exploiter turned a $49.5M stash into over $105M (a 114% increase):

Bought 4,913 ETH last week

Sold 4,131 ETH for $2.7M profit

Still holding 21,957 ETH ($103M)

That hack hit $58M in October 2024 across BNB Chain and Arbitrum.

Hacker Trading Fails

Others haven’t been so “lucky”:

One wallet panic-sold 12,282 ETH → rebought higher → lost $6.9M

Same wallet later panic-sold 4,958 ETH during another dip → this time profited $9.75M

As Lookonchain summed it up:

“Hackers are not good at trading.”

Takeaway

Even hackers with $300M+ war chests can fumble trades.

Some are accidentally turning stolen funds into huge stacks (Radiant case).

Others are literally losing millions in panic trades.

Do you think these moves are actual trading strategies… or just clumsy attempts to launder stolen funds that sometimes look like wins/losses?

[Nahid10]

It’s wild to watch how these “elite hackers” with nine-figure war chests often trade like retail beginners. The Coinbase hacker’s $8M SOL entry at $209, already bleeding at $202, feels less like a strategic play and more like a rush to diversify holdings. Compare that to the Radiant Capital exploiter, who doubled a $49.5M stash into $105M by scaling in and out of ETH with actual discipline. To me, this highlights two realities: some hackers are skilled traders who know how to maximize stolen funds, while others are just laundering through high-liquidity coins and getting burned by their own panic. It’s a fascinating reminder that having funds ≠ having trading skill. In fact, it looks like greed + poor timing often erodes their edge just like it does for regular traders.