Summary of this article
Coinbase hacker wallet buys $8M Solana, moved Ether.
Trader launches $2M campaign after MEXC freezes funds.
David Bailey says Bitcoin bear market years away.
A cryptocurrency wallet that has been traced by blockchain monitors to be owned by the so-called Coinbase hacker has made a significant transaction of Solana, buying approximately 38,126 tokens worth close to $8 million. Based on transaction history, the wallet exchanged DAI for USDC, transferred the funds to the Solana network, and used them to settle the acquisition at an average price of $209 per token. Solana's price at the time of purchase stood at around $202, putting the wallet at a modest paper loss.
According to Cointelegraph, the account has been under scrutiny because of its alleged role in a theft of over $300 million from Coinbase customers. Commentators have noted the wallet will often execute cross-chain transfers and between stablecoins and top cryptocurrencies. These actions are documented as part of its transaction history, making it more difficult to trace the specific movement of funds.
Previous activity from the same wallet contains significant ether transactions. The wallet sold over 26,000 Ether, worth about $69 million. It also made new buys in July, including 4,863 Ether for $12.55 million and another 649 ether for around $2.3 million. The transactions indicate the volume of activity surrounding the account and its existence on more than one blockchain.
The latest Solana buy adds to a string of high-ticket trades associated with this wallet. Observers tracking on-chain action still record such actions as the account goes through a sequence of tokens and chains.
Crypto Trader Launches $2M Campaign After MEXC Freezes $3M
A pseudonymous crypto trader known as "the White Whale" has launched a $2 million social media pressure campaign after alleging that cryptocurrency exchange MEXC froze $3.1 million of his personal funds without explanation. The trader claims he had outperformed MEXC's external market makers and was penalised for being "too profitable" despite not violating the exchange's terms of service.
The trader said that MEXC requested a one-year review period before unfreezing his funds. In a post on X, he wrote, "I'm putting a $2M bounty up for grabs (half can be claimed by YOU)" and questioned what kind of review would take 12 months without a single update, document or charge.
As part of his campaign, the trader is encouraging users to mint a free NFT on the Base network, tag MEXC or its COO's X account using the hashtag #FreeTheWhiteWhale, and use that NFT image as their profile picture. He has pledged to distribute $1 million in USDC equally among the first 20,000 NFT holders, giving each participant $50 USDC if MEXC releases the frozen funds. The remaining $1 million in USDC would be donated to charities that he described as verified and carefully vetted, with on-chain receipts to be shared publicly.
The trader also stated that he had completed MEXC's Know Your Customer verification process. Cointelegraph has not independently verified the freeze of the funds and has contacted MEXC for comment.
Bitcoin Bear Market Likely Years Away, Says David Bailey
According to a report by Cointelegraph, David Bailey, entrepreneur and Bitcoin adviser to the US President Donald Trump, has said that another Bitcoin bear market is unlikely for several years. He pointed to rising institutional adoption as the key factor driving long term demand for the cryptocurrency.
Bailey explained that sovereign wealth funds, banks, insurers, corporations and pension funds are starting to buy Bitcoin. Despite this trend, institutional exposure is still less than 0.01 per cent of the total addressable market, leaving what he described as a large runway for growth. Data shows that in the past two years, institutional holdings have crossed $100 billion, with most of it in Bitcoin through exchange-traded funds and corporate treasuries.
Some analysts have raised concerns about the outlook, stated Cointelegraph. A June report from venture capital firm Breed cautioned that many treasury management companies might not survive over time, which could create pressure on the market. CK Zheng, chief investment officer at ZX Squared Capital, noted that Bitcoin remains closely tied to movements in the stock market. According to him, if equities decline, digital assets may also face corrections.
Pav Hundal, lead market analyst at Swyftx, said to Cointelegraph that current conditions as favourable for high momentum assets such as Bitcoin and Ether. He added that while the environment is risk on, sudden macroeconomic shocks cannot be ruled out and could still influence prices.
