Michaela
Summary: What recent activity has the Coinbase Hacker conducted?
The Coinbase Hacker recently spent nearly $8 million buying Solana, after previously selling large amounts of Ether. This shows that stolen crypto can still move even when wallets are publicly tracked. Blockchain transparency allows monitoring, but it doesn’t prevent the transfer of funds once they reach exchanges or platforms.
A crypto wallet linked to the so-called “Coinbase Hacker,” accused of stealing over $300 million from Coinbase users, has reportedly purchased nearly $8 million worth of Solana (SOL).
Blockchain analytics platform Lookonchain reported that the hacker converted DAI to USDC, bridged the funds to the Solana network, and acquired 38,126 SOL through multiple transactions.
The wallet linked to the alleged “Coinbase Hacker” first drew attention in June when it sold 26,762 Ethereum (ETH), valued at $69.25 million at the time. Lookonchain reported that in July, the same wallet made two significant purchases, including 649 ETH for $2.3 million at an average price of $3,562 per token.
The recent activity by the Coinbase Hacker has sparked considerable attention online, with observers questioning how the wallet can continue trading under scrutiny and which exchanges may be processing the transactions.
The Coinbase Hacker’s recent trades emphasize the challenges of tracking stolen crypto even when wallets are publicly labeled and under surveillance. Analysts note that while blockchain transparency allows anyone to monitor transactions, it does not automatically prevent the movement of funds once they enter exchanges or decentralized platforms.
Coinbase Hacker Spurs SHIB Security Focus
The recent Coinbase Hacker activity spotlights the importance of strong security practices for all crypto investors. For SHIB holders, it emphasizes why relying solely on exchanges can leave assets vulnerable to theft or exploitation.
Using personal wallets provides greater control over private keys and reduces the risk of losing funds in the event of an exchange breach. Beyond wallet security, enabling multi-factor authentication adds an extra layer of protection, making it significantly harder for unauthorized actors to access accounts.
Staying informed about market activity and blockchain developments is equally critical, as it allows investors to spot unusual transactions or potential threats early. Regularly updating software, using unique and strong passwords, and considering hardware wallets for larger holdings are practical steps to mitigate risk.
While hacks and exploits can affect the broader cryptocurrency ecosystem, adopting these proactive security measures empowers SHIB investors to safeguard their tokens and navigate the market with greater confidence. Vigilance and education remain key tools in maintaining asset security in a rapidly evolving digital landscape.
Read More
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
