The recent hack of Radiant Capital, which involved nearly 5,933 ETH, has significantly affected the Ethereum market and led to shifts in investor sentiment.
Impact of the Hack on ETH Market
The hack, which occurred in recent hours, saw the transfer of 5,933 ETH—approximately $26.7 million—through Tornado Cash. Analysts note that the hacker's actions are reminiscent of past practices where such tools were used to obscure fund movements, raising compliance questions given Tornado Cash's status as a sanctioned tool.
Investor Sentiment Changes
The Fear and Greed Index has risen to 58, indicating increased market concerns. ETH transfers linked to the hack triggered widespread shifts in sentiment among market participants. Figures like Arthur Hayes are actively monitoring ETH flows and large investor activities. While public comments from key figures are absent, regulatory interest in Tornado Cash's usage is growing.
Market Dynamics and Historical Insights
Data indicates that ETH is currently trading at $4,506.54 with a market cap of $543.96 billion. Over the past 24 hours, ETH increased by 2.41%, and in the last week, it rose by 4.30%. Despite a 30-day decline of 3.31%, ETH has surged 76.44% over the last 90 days. Research suggests continued scrutiny of ETH amidst regulatory concerns and potential technological improvements.
The Radiant Capital hack has raised new questions about security in the Ethereum market and investor awareness. Monitoring future developments surrounding the hack and Tornado Cash usage will be crucial for understanding upcoming market sentiments.
