$109 million $ETH was just funneled into Tornado Cash by the Drift hacker in just 48 hours — could the recovery around $2,473 soon face a stealth sell-off?
After months of silence since the $295 million hack in April, the attacker’s wallet suddenly sprang back to life, depositing another $46 million on Wednesday alone. More concerning, this network of wallets is still holding around $138 million in ETH that has yet to be laundered.
Assets that pass through mixers are often distributed across spot markets or OTC desks and converted into stablecoins. Although $ETH is edging up at $2,473.21 (+3.46% in 24h), this unusually large supply—hundreds of millions of dollars’ worth—could create hidden selling pressure on price rallies.
I’m prioritizing capital preservation and avoiding chasing green candles while the outflows show no signs of stopping. Specifically, I won’t open a new position unless the price holds above $2,473 with volume confirmation. I’ll monitor the order book around this level before entering a trade.
#ETH #Ethereum #DeFi #Crypto
After months of silence since the $295 million hack in April, the attacker’s wallet suddenly sprang back to life, depositing another $46 million on Wednesday alone. More concerning, this network of wallets is still holding around $138 million in ETH that has yet to be laundered.
Assets that pass through mixers are often distributed across spot markets or OTC desks and converted into stablecoins. Although $ETH is edging up at $2,473.21 (+3.46% in 24h), this unusually large supply—hundreds of millions of dollars’ worth—could create hidden selling pressure on price rallies.
I’m prioritizing capital preservation and avoiding chasing green candles while the outflows show no signs of stopping. Specifically, I won’t open a new position unless the price holds above $2,473 with volume confirmation. I’ll monitor the order book around this level before entering a trade.
#ETH #Ethereum #DeFi #Crypto