Panic Sale By Hacker Wallets Results in $3.7M Loss
- Hacker-linked wallets sold 5,480 ETH, causing a panic sale.
- Resulted in a $3.7 million realized loss.
- This sale contributed to ETH’s price drop to $3,510.
Two Ethereum wallets, suspected to be linked to hackers, panic-sold 5,480 ETH for $20.47 million, resulting in a $3.7 million loss after a market crash.
This massive sell-off highlights vulnerabilities in crypto markets, impacting ETH prices and sparking concerns over security and volatility among retail and institutional investors.
Two Ethereum wallets linked to hackers sold 5,480 ETH for approximately $20.47 million following a market downturn. The sale, executed at a realized $3.7 million loss, heightened concerns within the crypto community regarding security vulnerabilities.
The Ethereum addresses involved, 0xB8cb05205f8A84d386741754303EC5bD23F1618e and 0x81c0bAa3DA99827D713b0c6C41176EDf96AD0304, have been flagged for suspicious activity. Analysts, including Lookonchain, noted these wallets are “likely linked to hackers” based on on-chain data.
The sale of a large volume of ETH by these wallets had significant implications for market stability. Ethereum’s price fell to $3,510, affecting liquidity across platforms. The broader cryptocurrency market, including Bitcoin, also experienced pressure.
Despite there being no direct institutional involvement, major entities such as BitMine Immersion Technologies engaged in dip buying, aiming to stabilize ETH prices. This event led to sharply increased ETH liquidity in centralized exchanges.
Reflecting on past events, such as the April 2023 North Korean Lazarus-linked sell-off, these actions demonstrate a recurring pattern of market impact. Hacker activities consistently lead to concerns within the crypto industry over security and asset stability.
The incident reinforces the need for heightened security measures and awareness within the crypto community. As of now, authorities and developers concentrate on promoting best practices and securing assets against potential hacking threats.
“Two wallets likely linked to hackers sold 5,480 ETH worth about $20.47 million after the market crash. The exits locked in an estimated $3.7 million realized loss.” — Lookonchain, Blockchain Analytics KOL
