Wallets labeled as “hackers” dumped 8,638 ETH (worth around $32.5 million) at $3,764, in a weekend crash that is considered the largest liquidation event in crypto history.
These wallets then repurchased 7,816 ETH for around $4,159, resulting in an estimated loss of $5.5 million, according to data from Lookonchain. The platform cited evidence from three Arkham addresses, but did not reveal the specific identities of the wallet owners beyond the “hacker” label.
The incident occurred amid a severe deleveraging of the crypto market, with the entire industry capitalization losing more than 9% on October 10, following the announcement of the US imposing 100% tariffs on China. More than $10 billion in positions were liquidated, with some estimates suggesting the actual figure exceeded $19 billion.
After the crash, the market has gradually recovered – Bitcoin surpassed $114,000, while Ethereum returned to the $4,100 mark.
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