Six hacker-controlled wallets collectively suffered losses exceeding $13.4 million after hurriedly selling Ethereum amid a volatile crypto market correction, signaling panic in illicit crypto holdings.
Six hacker wallets reportedly suffered combined losses exceeding $13.4 million after panic-selling Ethereum during the recent crypto market downturn.
According to blockchain analytics firm Lookonchain , these wallets sold 7,816 ETH valued at approximately $29.14 million at an average price of $3,728, locking in a $3.37 million loss on these trades.
This follows earlier miscalculated trades by the hackers, who purchased 9,240 ETH worth $39.45 million near $4,269 before prices began to tumble.
Subsequently, they sold 8,638 ETH for $32.5 million at $3,764, incurring losses over $5.5 million. Combined, these moves have cost the wallets over $13 million in just a few days.
Hacker Wallets’ Panic Selling Amid Crypto Slump
Blockchain data shows the hackers buying during price spikes but repeatedly exiting holdings amid market dips.
Lookonchain revealed that after selling 8,638 ETH for $32.5 million last week, the wallets repurchased 7,816 ETH at over $4,000 each, only to dump the holdings again amid Friday's market sell-off.
These wallets transferred millions in ETH and DAI stablecoins across decentralized protocols like the CoW Protocol, with some transactions exceeding $6 million.
One hacker wallet was flooded with over 6.9 million DAI before swapping 1,815 ETH in settlements. Transactions worth between $3.8 million and $6.9 million occurred within short 15-hour windows.
One wallet linked to a notorious hacker who stole 400 Bitcoin from Coinbase—worth about $35 million at that time—also took losses.
The hacker had moved stolen Bitcoin into Ethereum early October to conceal funds, and now offloads ETH amid broad market declines.
Ethereum, the second-largest cryptocurrency by market cap, slumped 1.5% during this period to trade near $3,850.
Bitcoin dropped over 6% to around $103,850 before rebounding. Approximately $269 million in ETH long positions were liquidated amid the market turbulence.
Market-Wide Sell-Off Intensifies
The hackers’ losses coincide with a significant market correction that erased more than $100 billion from total cryptocurrency capitalization for the second consecutive Friday.
CryptoQuant noted a 30% surge in open interest on Binance derivatives, indicating rising leveraged trading risks.
Negative funding rates signaled that many traders were betting on further downside, making the market poised for a potential squeeze.
A crypto trading group on X observed, “Ethereum has already broken down the Descending Triangle and is looking bearish,” reflecting growing bearish sentiment that exacerbated the sell-off.
This forced liquidation of hacker wallets amid broader market panic underlines the volatile and risky nature of the current crypto landscape.
These moves may increase market uncertainty as large holders rush to minimize losses during rapid price drops.
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Ethereum Hackers Lose $13.4M Panic-Selling ETH
Six hacker wallets panic-sell Ethereum, losing over $13.4 million during a sharp crypto market downturn, highlighting market volatility.