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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This year's market has been driven primarily by the growth of DATs, ETFs, and stablecoins. Strong institutional inflows indicate that mainstream U.S. capital is now entering the crypto market. However, after the October 11 black swan event, the market underwent a significant correction due to deleveraging. Even so, several indicators now suggest that a bottom may be forming. Our recommended assets are BTC, ETH, SOL, XRP, and DOGE.
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