A hacker, linked to a major Coinbase breach, just made a huge move: buying over 38,000 Solana tokens for almost $8 million!
The Hacker’s Smart Moves?
This wasn’t a random purchase. Blockchain trackers noticed the hacker first converted millions of DAI to USDC, then moved it to the Solana network to buy the tokens at around $208 each. This isn’t their first big trade. Back in May, they sold a massive amount of Ethereum, and then bought some back in July. These moves suggest a pretty calculated strategy, not just random trading.
Solana’s Rising Price: A Smart Investment?
The timing of this Solana purchase is interesting. Solana’s price has been climbing lately, up over 17% in the last month. While still down from its peak, analysts think it could go even higher. Some traders are predicting Solana could reach $360, making the hacker’s $208 purchase price look pretty savvy. Whether this gamble pays off remains to be seen.
The Coinbase Breach Fallout
Remember that massive Coinbase hack back in May? It affected around 70,000 users, with hackers getting access to personal info like names, addresses, and even bank details. Coinbase refused a $20 million ransom, instead promising to reimburse victims and offering a hefty bounty for information leading to arrests. The whole thing is costing them a fortune – they estimate cleanup costs could hit $400 million.
What’s Next?
For now, everyone’s watching the hacker’s Solana bet. Will it be a profitable move, or just the start of even bigger, bolder trades? Only time will tell.