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 monitor 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.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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