Hackers Lose $13.4 Million in Panic Selling During Crypto Crash
- Six wallets linked to hackers lost over $13.4 million after panic-selling ether (ETH) during a market downturn.
- The sell-off began when one wallet sold 7,816 ETH at $3,728 per coin, coinciding with the steepest part of the crash.
- After selling, the hackers repurchased the same amount of ETH at $4,159 as prices rebounded, locking in further losses.
- Blockchain analysis indicated that these trading missteps resulted in total losses reaching $13.4 million by October 18.
- The market correction on October 10 led to a $500 billion slump across crypto markets, affecting all traders.
Despite their expertise in hacking, these cybercriminals exhibited poor trading strategies during volatile conditions, resulting in significant financial loss from stolen funds. The incident illustrates that even sophisticated actors can make emotional decisions under pressure.
The hackers’ actions highlight vulnerabilities in the crypto ecosystem as they lost over $13 million due to panic selling and poor timing while trading stolen assets.(Source)
