Fraudster Fails at Trading: The Tale of a Hacker's $7M Loss in ETH Trades

A hacker, who was reportedly involved in illicit activities, lost about $7M in a poor Ethereum (ETH) trade, according to on-chain analytics firm Lookonchain. The suspect's wallet received 12,282 ETH, worth roughly $23.72 million three months ago, which was sold at $1,932 per coin. The same person later bought back 4,958 ETH at $2,495 per coin, which amounted to a total of $12.37 million.

This resulted in a net loss of about $6.9 million. This story emphasizes that not just hackers, but even professional traders can experience significant losses, especially when they engage in high-risk, overleveraged trades. Irrespective of the trader's intent or the source of the funds used for transactions, high-risk trades can lead to substantial losses.