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Drift Protocol hacker earns $668,000 from Ethereum's decline against Bitcoin
A wallet address allegedly linked to the Drift Protocol hack recorded approximately $658,000 in unrealized profit over 24 hours. The trader opened opposing positions in Ethereum and Bitcoin worth nearly $20 million using 20x leverage.
According to on-chain analysts, on November 8, wallet 0x45d…c00ca transferred 3,100 ETH from Tornado Cash before swapping the assets for 6.93 million USDC through CoW Swap.
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The funds were then transferred to Hyperliquid, where the trader bet on a decline in the ETH/BTC exchange rate. Over the following 24 hours, the relative value of the two cryptocurrencies fell by 3.56%, generating a profit on the open positions.
Hacker opens $20 million in positions on Hyperliquid
According to Hyperdash data, the trader opened a short position of 8,945.744 ETH and a long position of 263.81 BTC. Both trades used 20x leverage, with a combined notional value of $19.98 million when opened.
On the morning of November 9, Bitcoin fell to approximately $74,409.80, while Ethereum declined to $2,117.06. BTC subsequently recovered more strongly, increasing the strategy's profitability.
This combination allows traders to profit from Ethereum's relative weakness even when both cryptocurrencies are declining. However, high leverage significantly increases the risk of forced liquidation.
At the time the data was published, the profit stood at approximately $658,000 but remained unrealized. The final amount will depend on subsequent market movements and when the positions are closed.
Cryptocurrency hacks increase market risks
The use of funds transferred through Tornado Cash drew analysts' attention to the origin of the trader's capital. However, the transaction history alone cannot conclusively establish the wallet owner's identity or confirm involvement in a specific hack.
The developments come amid mounting losses across the cryptocurrency industry from cyberattacks. In 2025, nearly 150 hacks caused approximately $2.9 billion in losses, while a single attack on Binance in October 2026 resulted in the theft of around $6.3 billion in assets.
These incidents expose vulnerabilities not only in private key storage but also in exchange infrastructure and hardware wallet supply chains. Attackers use various methods to move stolen funds, making them more difficult to trace.
Earlier, we reported that Binance revealed details of a hack involving fake job interviews and artificial intelligence tools. According to the investigation, the attackers used social engineering techniques to gain access to the exchange's internal infrastructure.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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