BitMart founder Sheldon Xia confirmed a second exchange hack, bringing estimated losses to $38 million–$49 million, while another incident involving Binance was estimated at $6.3 billion. On-chain investigations suggest a possible link between the attackers behind the Mercado Bitcoin and BitMart incidents, who moved roughly $11.45 million worth of altcoins between different wallets. The Mercado Bitcoin hacker sold or converted several altcoins, including PEPE, AAVE, UNI, ONDO and ENA, and now holds 7,988 ETH worth around $18.19 million. Weak ETH ETF flows, a declining altcoin season index and rising macroeconomic uncertainty increase the risk of further selling pressure and liquidations.
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