Four hackers responsible for exploiting crypto exchange WazirX, DeFi protocols Penpie and LiFi, and crypto entrepreneur Bo Shen have transferred $49.3 million in stolen ETH through the Tornado Cash mixer this September.
Laundering Stolen ETH
Data from SpotOnChain shows that between September 1 and 8, these hackers funneled 20,561 ETH, worth $49.3 million, through the banned crypto mixer. Their money laundering activities coincided with a 13% drop in ETH value, causing the asset to drop below $2,200 and raising concerns about its long-term potential. However, ETH is facing many pressures apart from the selloffs by hackers.
Scattered Operations
On-chain data shows that the Penpie hacker moved 11,261.2 ETH, worth $26.72 million, through Tornado Cash over the past week, signaling that they have now laundered all the funds stolen from the Pendle-based protocol on September 2. The WazirX hacker who stole over $230 million in ERC-20 tokens from the exchange is adopting a slow and steady approach. Since September 2, they have transferred 7,600.1 ETH, worth $18.51 million, through Tornado Cash, leaving them with a substantial 54,155 ETH, valued at $123.32 million.
Ethereum Drops 13%
Hackers’ activity on Tornado Cash and their ETH selloffs might be taking a toll on Ether prices, with the asset struggling throughout September, reaching a 13% decline at some point. Analysts at the investment firm VanEck attribute ETH price struggles to various factors, including the decline in blockchain activity, market uncertainty, and regulatory pressure. Ethereum ranks 13 among 22 major Layer 1 projects in yearly returns with 62%, far below Bitcoin and Solana.
Hackers' activity on Tornado Cash and their sales of stolen ETH continue to put pressure on Ethereum prices, despite regulatory efforts to curb the use of the mixer.
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