Hacker-linked wallets dumped and rebought ETH during market wipeout, losing $5.5 million: Lookonchain
Quick Take Lookonchain says tagged hacker wallets sold 8,638 ETH at $3,764 and later bought 7,816 ETH at $4,159, implying a rough $5.5 million loss. The trades occured during an estimated $10 billion liquidation cascade after new U.S. tariffs on China, with prices rebounding by Monday.
Addresses labeled as belonging to hackers dumped 8,638 ether worth about $32.5 million at $3,764 during the weekend’s market wipeout, which is now regarded as the single largest liquidation event in crypto history.
The wallets then repurchased 7,816 ETH valued at approximately $32.5 million at $4,159 after prices rebounded, resulting in an estimated $5.5 million loss, according to onchain analytics provider Lookonchain. The analyst shared three Arkham address pages via an X post as evidence of the transactions. Lookonchain did not identify the actors behind the wallets beyond their “hacker” labels provided by Arkham.
The capitulation and chase-back unfolded as digital assets saw one of their harshest deleveraging events on record. As The Block reported, the total crypto market cap fell more than 9% on Oct. 10 following the White House’s announcement of 100% tariffs on China, with more than $10 billion in positions liquidated by Oct. 10 . Some estimates placed forced liquidations above $19 billion, while Hyperliquid's founder criticized centralized exchanges for underreporting the full extend of crypto's biggest rout to date.
Markets subsequently stabilized, with bitcoin climbing back above $114,000 and ether reclaiming $4,100 as of writing, The Block’s price page shows .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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