The wallet recently carried out several large purchases of SOL. The transactions totaled about $8 million in value.

According to a report by Lookonchain, the wallet first swapped DAI
DAI


$0.9988

for USDC
USDC


$0.9990

, then used a bridge to transfer funds over to the Solana network. Once there, it completed multiple trades by buying 38,126 SOL at prices near $209 per token.

At the time of reporting, Solana’s value had dropped to around $202.15, which indicates that the wallet’s new holdings had already decreased in value.

This wallet has been active for several months. In May, Lookonchain highlighted a large sale of 26,762 ETH
ETH


$4,577.09

from the same address, worth about $69.25 million at that point.

In July, the wallet made two ETH purchases, one on the 7th for 4,863 ETH ($12.55 million), and another on the 19th for 649 ETH ($2.3 million), with Lookonchain citing a purchase price of $3,5621 per coin.

Arkham Intelligence labeled the address as the “Coinbase hacker”, while Lookonchain estimated that it may be tied to a theft exceeding $300 million from Coinbase-linked accounts.

Recently, Coinbase reported that the exchange lost around $300,000 in tokens. What did Chief Security Officer Philip Martin say? Read the full story.

On June 19, ZachXBT shared on X that dishonest behavior in the industry is a concern, as public figures and influencers who promote questionable projects often face no consequences.

He noted that some crypto creators can mislead followers and still avoid any real punishment.

Still, ZachXBT pointed out that there is a difference in how certain actions are treated. More direct forms of theft, such as phishing, wallet hacking, or online robbery, are still likely to bring legal trouble.

He explained that, compared to gray-area activities like misleading promotions, clear-cut crimes are more likely to be punished.

He also said regulators have often focused on the wrong targets. Rather than pursuing projects that hide paid promotions or mislead buyers, officials have instead spent time investigating open-source developers and established platforms.

Another investigator, Taylor Monahan, shared in a June 18 post on X that bad actors in crypto are unlikely to stop as long as they can make money quickly and face few consequences.

Monahan also mentioned that many long-time scammers have made major profits using methods such as fake online relationships, malware, or even tools linked to nation-state hackers. She said that if crypto ceased to exist, ransomware groups would take the biggest hit.

On June 10, Bitget

$2.98B

, SlowMist, and Elliptic reported a rise in crypto scams, with deepfake technology playing a major role. What did they say? Read the full story.