The addresses labeled “hacker” have liquidated 8,638 ETH, worth approximately 32.5 million USD ( at a price of 3,764 USD/ETH) during the weekend plummet, which is considered the largest liquidation event in crypto history.
Subsequently, these wallets bought back 7,816 ETH, worth approximately 32.5 million USD but at a price of 4,159 USD/ETH when the price recovered, resulting in an estimated loss of 5.5 million USD, according to data from Lookonchain. The analyst also shared three pages of Arkham addresses as evidence but did not reveal the identity beyond the label “hacker.”
The sell-off and buyback occurred in the context of digital assets undergoing one of the most severe deleveraging phases ever. The total crypto market capitalization dropped by more than 10% on October 11 after Trump's threat of a 100% tax on China, with over 10 billion USD being liquidated. Some estimates put the forced liquidation figure at up to 19 billion USD, while Hyperliquid criticized centralized exchanges for reporting figures that were as much as 100 times lower than reality.
The market then stabilized, with Bitcoin rising back above 114,000 USD and Ether returning to 4,100 USD at the time of writing.
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