Hackers Are Selling the Rally

Ether’s (ETH) recent rally to $4,780 has delivered a wealth of profits to several high-profile hackers, who have capitalized on the surge by offloading their ill-gotten gains.

In three separate case, on-chain data, revealed by X account EmberCN, shows hackers strategically liquidated their ETH holdings for tens of millions in profit.

The Radiant Capital exploiter, who the protocol alleges is a North Korean entity, drained around $53 million in assets from the DeFi protocol last October. They converted much of their haul into 21,957 ETH at roughly $2,414 per coin, only to sell 9,631 ETH for $44 million worth of stablecoins this week.

They still control 12,326 ETH alongside the stablecoin proceeds, for a combined $101 million, around $48.3 million more than the value of the original stolen assets.

A similar playbook emerged from the Infini exploit in February. That attacker siphoned $49.5 million in USDC and bought 17,696 ETH at $2,798 each.

While laundering 5,000 ETH through Tornado Cash, they also sold 3,540 ETH for $13 million worth of stablecoins at an average $3,762. The ETH rally has swelled the value of their remaining stash, netting an extra $25.15 million on top of the initial theft.

The third case was an unidentified exploiter who stole 17,412 ETH from THORChain and Chainflip in March sold those holdings for $33.9 million DAI at $1,947.

In June, they re-entered the market, buying 4,957 ETH at $2,495 before selling them early Friday for $22.13 million worth of stablecoins at $4,464, profiting $9.76 million in the process.

The three hacks all played part in a rampant 18 months for hackers, with investors losing $3.1 billion in in the first half of 2025 and $1.49 billion in 2024.