In reports from several Chinese crypto media outlets, the address 0x45d…c00ca is depicted as a suspected Drift hacker or an associated address, but this identity has not yet been confirmed by any official or judicial authorities. On November 9, according to publicly monitored information on the blockchain, this address suddenly established high-leverage positions with a nominal value of about 20 million dollars in the derivatives market: shorting ETH with 20x leverage and longing BTC with 20x leverage, essentially betting on ETH weakening relative to BTC and a decline in the ETH/BTC exchange rate. On the same day around 6 AM, the prices of BTC and ETH fell sharply in sync, and subsequently, BTC's rebound was stronger than that of ETH, causing the ETH/BTC exchange rate to drop about 3.56% during the relevant period, which was highly consistent with the bets placed by this address, bringing about $658,000 in floating profits in a single day, although whether the position has been closed or the profits truly realized remains undisclosed. This currency wager backed by hacker funds transforms the previously suspected addresses associated with security incidents from merely "criminal entities" into active participants in market fluctuations, making the future actions of hacker funds and price expectations even more complex.
Suspected Drift hacker associated address locked on-chain
Before this currency wager was highlighted, the address 0x45d…c00ca had appeared multiple times in reports from Chinese crypto media, directly or indirectly labeled with tags such as "Drift hacker" or "hacker-associated address." As related security incidents continued to ferment in public opinion, this address gradually became the core character in the story, implicitly tied to the attack behavior by many readers. However, from the available public information, this identification still remains at the level of media and certain analysts; the project parties have not issued any formal statements, and regulatory or judicial authorities have not made any legal identification regarding this address, making the term "hacker" more a narrative device rather than a confirmed fact.
On-chain analyst Ai Yi issued a reminder in this narrative context—according to monitoring, this address, which has long been viewed as high-risk, established a high-leverage derivatives position with a nominal value of about 20 million dollars on November 9, thus becoming the focus of attention again. For on-chain observers, being "locked" does not mean a technical freeze but entering a continuous tracking list: subsequent focus will be on the new positions established by this address, closing actions, and the inflow and outflow rhythm of funds, continuously adjusting judgments on its identity and risk through new on-chain actions. In the absence of official identification, 0x45d…c00ca appears more like a high-risk sample that requires long-term observation; its behaviors are worth recording and analyzing, but whether it equates to "the hacker" remains an open and unresolved question.
Betting on shorting ETH and longing BTC
Before being added to the key observation list, 0x45d…c00ca had already displayed a rather aggressive position structure: according to Ai Yi's monitoring, this address accumulated a derivative portfolio worth approximately 20 million dollars on a certain trading platform, one end being a 20x leveraged ETH short and the other end being the same 20x leveraged BTC long. On the surface, these are a set of positions in opposing directions, seemingly hedging overall market risk, but the true core of the position design lies not in long-short balance but in a single-direction bet on one variable—the decline of the ETH relative to BTC exchange rate.
If we consider BTC and ETH as a pair of "paired trading" targets, the logic of this combination becomes clear: when the ETH/BTC exchange rate weakens, the ETH short profits, and the BTC long contributes gains when it resists declines better or rebounds stronger. The gains and losses on both ends are amplified as the exchange rate diverges; conversely, if the ETH/BTC exchange rate strengthens, both the ETH short and BTC long may simultaneously come under pressure, and even a few percentage points of reverse fluctuations under 20x leverage can push this 20 million dollars nominal value position towards a breaking point. Similar relative value bets are not uncommon in crypto derivatives trading: traders attempt to reduce exposure to a single-sided market, narrowing risks to a specific exchange rate or spread, but under high leverage conditions, once the directional judgment is wrong, not only does it fail to "hedge safely," but it quickly accumulates losses in amplified volatility, which is also why such currency betting is particularly focused on chain.
ETH/BTC down 3.56%, position profits
Quickly, the market responded to this relative value bet. According to monitoring by on-chain analyst Ai Yi, during the relevant period, the ETH/BTC exchange rate dropped about 3.56%. This trend coincided precisely with the direction established by address 0x45d…c00ca's 20x leveraged ETH short + 20x leveraged BTC long: ETH weakened relative to BTC, which was a prerequisite for this set of positions to profit. In other words, it does not rely on a massive bull or bear market but bets on the strength variations between the two, and the 3.56% exchange rate decline is rapidly amplified into paper profits under the high-leverage structure.
Timing-wise, around 6 AM this morning, the prices of BTC and ETH both significantly fell in sync, momentarily putting this position under severe volatility. The subsequent divergence in movement then became a critical node: BTC's rebound was significantly stronger than ETH's, directly lowering the ETH/BTC exchange rate, helping this combination shift from the awkward situation of "simultaneous decline" to the ideal pattern of "the long is stronger, the short is weaker." According to monitoring, during this round of fluctuations, the position related to this address recorded about $658,000 in floating profits in a single day. However, public materials do not indicate whether it has already closed its position or locked in profits, meaning this $658,000 currently remains at the paper level, and future gains and losses will fully follow the subsequent strengths and weaknesses of ETH and BTC.
Transition of hacker funds from cashing out to active management
If we follow the statements of several Chinese media, viewing 0x45d…c00ca as a suspected Drift hacker or associated address, then this time, its behavior has clearly deviated from the traditional script of "grabbing chips and cashing out quickly." What on-chain analyst Ai Yi observed on November 9 is a portfolio with a nominal value of about 20 million dollars: a 20x leveraged ETH short matched against a 20x leveraged BTC long, with the core bet being the weakening of the ETH/BTC exchange rate. This means the related funds are no longer merely exiting, dispersing, or mixing, but taking on high risks and engaging in complex directional trading in the public derivatives market, demonstrating strong risk tolerance and derivative trading experience rather than simply fleeing pressure.
Such proactive management behaviors undoubtedly increase the complexity for subsequent on-chain tracking and potential judicial handling: on one hand, the behavior of the address has upgraded from simple receipt and transfer to continuous position adjustments, increasing or decreasing leverage, making the on-chain path more three-dimensional; on the other hand, without official or judicial confirmation of identity, this wager may be viewed as a high-risk speculation and could continuously be labeled in public opinion as "hacker funds gaming the market." For ordinary participants, what is more important is not to speculate on the true ownership of these funds but to realize that when such high-risk addresses engage in mainstream asset exchange rate gaming with 20x leverage, the dramatic profits and losses of the related positions itself become a risk signal, reminding individuals to differentiate between compliant funds and contentious funds' behavioral patterns when interpreting market fluctuations and to reserve enough risk control buffer in their position management.
Three types of on-chain signals to watch next
This high-leverage ETH/BTC currency wager of about 20 million dollars around address 0x45d…c00ca truly signifies not just a single day floating profit of $658,000, but reminds us that once contentious funds deeply intervene in mainstream asset derivatives markets, the changes in their positions themselves become risk variables that need to be continuously observed. The first type worth tracking is the subsequent position trajectory of this address—whether it increases leverage, reduces positions, or switches targets during exchange rate fluctuations, and whether paper profits are ultimately locked in. These actions will form a more complete picture of its risk preferences and trading discipline. The second type concerns official progress related to the Drift security incident, including whether the scale of losses, recovery paths, and investigation conclusions are disclosed. Once more formal information emerges, the on-chain identity currently dubbed "suspected hacker or associated address" might be further substantiated or corrected. The third type revolves around the trading patterns of similar contentious addresses in derivatives—whether there are multiple addresses simultaneously favoring high leverage, exchange rate direction betting, and their collective behavior during sharp fluctuations. Given that the existing public materials only cover a single large bet and its short-term floating profits, and lack more detailed quantitative indicators and formal explanations, any judgments regarding so-called "hacker fund behavior" should be approached with caution and conditionality, treating it as a hypothesis awaiting validation rather than a conclusively established story.
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