Crash

Donald Trump

Million

President Donald Trump

Blockchain analytics platform Lookonchain has spotted a streak of transactions from wallets linked to tagged hackers. Apparently, these hackers’ wallets offloaded 8,638 Ethereum (ETH) at $3,764 per unit and later purchased 7,816 ETH at $4,159. This means that it incurred losses of up to $5.5 million as a result of this action.
<h2 id="b-crypto-prices-dropped-with-the-us-china-trade-wars-b">Crypto Prices Dropped With the US-China Trade Wars</h2>
On October 10, U.S. President Donald Trump restarted conversations about the region’s trade war with China.&nbsp;
This event led to a market-wide crash, negatively impacting cryptocurrencies as well. Bitcoin price dropped below $110,000, Ethereum to around $3,500, as did many other digital assets. It was described as the largest market liquidation ever seen, with more than $19 billion wiped out.
Lookonchain <a href="https://x.com/lookonchain/status/1977551313736282181" rel="noopener noreferrer nofollow">noted</a> that some tagged hacker wallets also chose that season as a good time to dump their Ethereum holdings. They sold 8,638 ETH at $3,764 per coin, summing up to about $32.5 million. As the market recovered in the days that followed, the hackers bought 7,816 ETH valued at approximately $32.5 million at $4,159.
<h2 id="b-fomo-leads-to-crypto-losses-b">FOMO Leads to Crypto Losses</h2>
Based on the difference in prices, these wallets ended up with an estimated $5.5 million loss. To substantiate this information, Lookonchain <a href="https://x.com/lookonchain/status/1977551313736282181" rel="noopener noreferrer nofollow">shared</a> three Arkham address pages via an X&nbsp;post. It was through the labels provided by Arkham Intelligence that the analyst was able to identify them. Their action is likely a case of FOMO (Fear of Missing Out).
In a somewhat similar scenario, the attacker behind the recent&nbsp;UXLINK exploit <a href="https://thecoinrise.com/uxlink-hacker-falls-victim-to-another-crypto-crime/" rel="noopener noreferrer nofollow">fell prey</a> to another cybercriminal. He lost more than 542 million UXLINK tokens, worth roughly $50 million, to the exploit. This was after the attacker stole $4 million in USDT, $500,000 in USDC, 3.7 wBTC, and 25 ETH.
<h2 id="b-crypto-prices-recover-post-market-crash-b">Crypto Prices Recover Post Market Crash</h2>
So far, the crypto market has recovered, with some digital assets like Binance Coin (BNB) going all the way to a full rebound.&nbsp;
According to CoinMarketCap, BNB price is currently at $1,284.82 while its trading volume has spiked by 33.41% to rest at $12.6 billion. Even top cryptocurrency <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> has also recovered and is now trading at $114,404.37 with a 0.1%.
<a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> is also trading at $4,213.96 with a 2.37% increase within 24 hours.
The post <a href="https://thecoinrise.com/crypto-hacker-loses-5-5-million-to-price-crash/" rel="noopener noreferrer nofollow">Crypto Hacker Loses $5.5 Million to Price Crash</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Crypto Hacker Loses $5.5 Million to Price Crash

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