Hackers go on buying spree for this crypto after October 10 historic crash

Crypto markets are showing signs of recovery after last week’s historic flash crash, and on-chain data suggests even the hackers who panicked at the bottom are jumping back in.

To recap, on October 10, the digital-asset market suffered its worst single-day drop in history, wiping out over $18 billion in leveraged positions as Bitcoin (BTC) plunged more than 8% to around $104,000. Ethereum (ETH) and most altcoins tumbled in tandem, triggering mass liquidations across major exchanges.

Now, several hacker-linked wallets made a series of high-value Ethereum transactions following the crash, according to Arkham Intelligence data.

Arkham Intelligence Notably, as prices hit multi-week lows, hackers offloaded 8,638 ETH worth roughly $32.5 million at an average price of $3,764 per coin.

The move turned out to be poorly timed, they reportedly lost about $5.5 million in value as ETH prices quickly rebounded.

However, on October 14, the same entities bought back 7,816 ETH (worth another $32.5 million) at an average of $4,159, suggesting they were scrambling to re-enter the market after missing the bounce.

Hacker-linked wallets for Ethereum transactions. Source: ArkhamHacker-linked wallets for Ethereum transactions. Source: Arkham**Hacker-linked wallets for Ethereum transactions. Source: ArkhamBlockchain trackers then recorded an additional 9,240 ETH purchase, about $39.45 million, at an even higher price of $4,269, marking a renewed buying spree despite earlier losses.

Masking transactions

Transaction logs show much of the hacker activity flowed through CoW Protocol and MakerDAO’s Sky (LITE PSM and Savings) systems, with settlements exceeding $13 million per batch.

These movements involved swaps between USDC, USDS, and SUSDS, suggesting the hackers used DeFi liquidity routes to mask or rebalance holdings after the market shakeout.

Analysts attribute the October 10 crash to a combination of macro shocks, including new U.S.–China tariff tensions and cascading liquidations in overleveraged positions.

Bitcoin and Ethereum have briefly rebounded with BTC at some point climbing back above $114,000, though volatility remains elevated.

ETH price analysis

Meanwhile, as of press time, Ethereum was trading at $3,982, having plunged over 4% in the past 24 hours, while on the weekly timeframe, the second-ranked crypto by market cap remains down almost 15%.

ETH seven-day price chart. Source: Finbold**ETH seven-day price chart. Source: FinboldAs things stand, Ethereum’s main task is now reclaiming the $4,000 level for a realistic chance to target $5,000, but the asset will need support from the broader crypto market and sustained inflows from exchange-traded funds (ETFs) to maintain momentum.

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