The latest sharp decline in the cryptocurrency market hit not only investors but also hackers. Six different hacker wallets, Ethereum 
$3,884.92They lost over 13.4 million dollars due to panic sales during the rapid depreciation in .
Panic: Buy, Sell, Buy Again!
According to a report by blockchain analysis firm Lookonchain, hackers sold 7,816 ETH for an average of $3,728, or approximately $29.1 million. However, this sale caused an additional loss of $ 3.37 million in the last link of the trading chain.
This hacker group had made a similar mistake before. The cyber attackers, who bought 9,240 ETH for $39.45 million last week, lost $5.5 million by selling 8,638 ETH for $32.5 million when the prices started to fall. Thus, the total losses in the last few days exceeded $13 million.
Chain data revealed that hackers buy during price increases and tend to sell in panic during price decreases. According to the information compiled by Lookonchain from Arkham Intelligence data, hackers bought 7,816 ETH again after selling 8,638 ETH last week, and then disposed of the same assets once again during the decline yesterday.
It was determined that hacker wallets made millions of dollars of ETH and DAI (stablecoin) transfers on CoW Protocol. Some of these transactions were over $6 million. One wallet exchanged 1,815 ETH through separate transactions after receiving 6.9 million DAI.
Researchers Specter Analyst and ZachXBT revealed that one of these wallets was linked to the hacker who previously stole 400 BTC (about $35 million) from Coinbase. The address in question is the Bitcoin he stole 
$106,853.82He converted some of his funds to Ethereum at the beginning of October in order to hide them. However, now the same address is among the wallets that suffered losses due to the sharp decline in the market.
Red Friday Effect in the Market
While Ethereum price closed the week in the red zone, the token is still trading 22% below its all-time high of $4,900. According to Coinglass data, an ETH long position worth $269 million was liquidated on Friday. Crypto analysis group Catalyst stated, “Ethereum broke the falling triangle formation and the outlook is currently bearish.”
This sharp selloff in the market led to a capital outflow of over $100 billion from the crypto market for the second Friday in a row. Ethereum’s value fell 1.5% over the week, while Bitcoin fell 6.2% to $103,850 before recovering to $106,000.
CryptoQuant analyst Amr Tah stated that there was a 30% increase in futures open positions (OI) in the last week. He stated that this situation increased investors’ risk appetite, but excessive leverage accelerated the decline. In addition, the fact that funding rates have turned negative in Binance indicates the accumulation of “extreme short” positions in the market.
In fact, panic sales showed once again that not only amateur investors but even criminals can be affected by fear in the market. On-chain data proves that even hackers executing algorithmic transactions cannot escape human psychology. This volatility in the Ethereum price also reveals that leverage rates in the market have reached dangerous levels. It is critical for investors to be more careful in the coming weeks to prevent sudden price movements from causing sharp losses.
