Recent events disclosed that massive Ethereum sales have cut its price significantly. Hackers allegedly involved in the Bybit breach have commenced unloading the stolen tokens.
ETH Movements via THORChain and Chainflip
In the past 12 hours, two newly activated wallets moved approximately 14,064 ETH through THORChain and Chainflip, later selling it for nearly $27.5 million in DAI. Onchain data analytics platform Lookonchain found that both addresses received thousands of ETH in multiple transactions: one wallet swapped ETH for DAI using CoW Swap, while the other used Uniswap.
Hacker Strategy and Market Impact
The hackers seem to be strategically moving funds across different chains to evade tracking while converting their crypto into stablecoins. Given the current market conditions, these large transactions have raised the sell-side pressure, causing panic among traders.
Market Reaction and Current ETH Price
At the time of writing, ETH is trading at $1,890 – down 6.36% in the past 24 hours. While it fell 5% earlier to $1,900 – traders were expecting it to rise with a strong push back but it fell further below key supports.
While the specific reason behind the ETH price drop remains uncertain, the hacker-induced selling might be a key driver of the current pressure on the cryptocurrency.
