'Great Hackers, Terrible Traders': How Exploiters Panic Sold and Lost $13M During Market Chaos

Core Insights - The recent crypto crash resulted in significant losses for hackers, with at least six wallets linked to them losing over $13.4 million due to panic-selling of ether (ETH) [1][4][5] - The hackers' trading behavior indicates a lack of strategic decision-making, as they sold high and repurchased at a higher price, further compounding their losses [3][5][6] Group 1: Hacker Behavior - The hackers are part of a group involved in cryptocurrency theft, suggesting a coordinated effort among cybercriminals [2] - Their trading patterns during market volatility resemble those of over-leveraged traders, characterized by poor timing and emotional responses [5][7] - Despite the losses, the funds were likely acquired through hacking, meaning the financial impact may not be as severe as it would be for regular traders [6] Group 2: Market Dynamics - The sell-off began with one wallet offloading 7,816 ETH at $3,728, coinciding with the market's steep decline, followed by additional wallets contributing to the sell-off [3] - The total loss from these trading missteps reached $13.4 million by October 18, indicating the scale of the funds involved [4] - The hackers' actions reflect the current state of the crypto landscape, where even sophisticated actors can make significant errors under pressure [7]