Coinbase Hackers Dem Lose $13.4M for Ethereum Panic Sell-Off
Six wallet wey hacker control wey dem connect to one recent Coinbase theft buy 9,240 Ethereum for average price of $4,269. Dem come dey sell am quick quick like say dem fear, sell 8,638 ETH for $3,764 lose $5.5 million, plus sell 7,816 ETH for $3,728 lose another $3.37 million. Total loss for trade pass $13.4 million inside few days. One wallet connect to hacker wey jacked 400 BTC. To hide their track, hackers con swap DAI for ETH, do big trade through CoW Protocol. The sell off happen at the same time as $100 billion crash for crypto market wey push Ethereum down 1.5% to about $3,850, plus e liquidate $269 million long ETH positions. Leverage for Binance rise, open interest climb 30%, funding rates go deep negative. This kain big shakings and forced liquidation show the risk for trading and bearish pressure on Ethereum when market dey sudden move.
Bearish
Di force sale of Ethereum by hacker-linked wallets inside $100 billion market correction don make bearish pressure strong well well. Big panic sales plus $269 million of ETH long liquidations, join deep negative funding rates and rising leverage for Binance, mean short-term downside still dey. Even though Ethereum fundamentals still dey okay, the high volatility and forced liquidations dey show say price fit still drop more for near term.