Hacker sells $3m of ethereum as price drops below $2,000
A wallet linked to funds from the Tornado Cash mixer liquidated 1,500 ETH during a market downturn.
Key takeaways
- 1A wallet linked to Tornado Cash sold 1,499.5 ETH for $3 million.
- 2The transaction took place at a price of $1,998 per coin.
An unidentified holder sold 1,499.5 ETH for approximately $3 million as the price of the asset fell to $1,998. On-chain data shows the transaction occurred during a broader decline in digital asset prices. The seller liquidated almost the entire balance of the wallet shortly after receiving the funds.
The wallet involved in the sale received 1,500 ETH from Tornado Cash, a protocol used to hide the history of transactions on the blockchain. Such mixers are frequently used by hackers to move stolen assets without being tracked by security teams. The timing of the sale indicates the holder chose to exit their position rather than hold through the market volatility.
Ethereum is the network used for the majority of decentralised finance applications and the second-largest cryptocurrency by market value. Its price has fallen by 4.5 percent over the last 24 hours to reach $1,959.75. Tornado Cash was sanctioned by the US Treasury in 2022 because of its use by groups to launder proceeds from cyberattacks.
Liquidations by hackers often signal a lack of confidence in immediate price recovery or a need for liquidity during market stress. Market participants track these movements to anticipate further selling pressure on exchanges. The disposal of these funds suggests that even holders with high risk tolerance are moving to protect the value of their holdings in the current environment.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.