In a recent analysis, blockchain analytics platform Lookonchain revealed that hackers have faced considerable financial setbacks in the cryptocurrency market, and based on the data provided in the document, their trading activities have resulted in significant losses amid a turbulent market environment.
Hackers' Ethereum Trading Activity
According to Lookonchain, the tagged hackers initially sold 8,638 Ethereum (ETH) at a price of $3,764 each, amounting to a staggering total of approximately $325 million. However, shortly after this sale, they repurchased 7,816 ETH at a higher price of $4,159, which has led to an estimated loss of $55 million.
Market Context
This trading activity occurred during a market downturn triggered by escalating US-China trade tensions, which caused major cryptocurrencies to experience sharp price declines. The major cryptocurrencies include:
- Bitcoin
- Ethereum
Volatility and Risks in Cryptocurrency Trading
The hackers' miscalculated moves highlight the volatility and risks associated with trading in the cryptocurrency space, especially during periods of market instability.
Following the recent financial setbacks faced by hackers in the cryptocurrency market, SEAL Org has introduced a new method to enhance security against phishing attacks targeting major digital assets. For more details, see this article.
