Stolen funds converted into just 279 million $ETH ; $2.85 billion frozen first
Wu Says Today’s Tracking: After $6.3 billion was stolen, the hacker dumped more than 130 types of tokens, converting them into about 123,400 ETH and 1.69 million USDC; they also put up 59.9 million USDT as collateral on Aave to borrow ETH.
The selling pressure looks frightening. Put simply, there isn’t much money that can actually be moved. Elliptic has verified that about $2.85 billion has been frozen or brought under control. Another roughly $3.5 million in NEWT was mistakenly sent to a contract and permanently locked. The rest is a race against time: about $38 million moved through the Relay cross-chain bridge in seven hours. THORChain urgently paused operations due to repeated refunds, slowing the laundering instead. Binance co-CEO He Yi said U.S. law enforcement’s involvement was “very efficient.”
The data points to a short-term bearish outlook for $ETH , with limited pressure, and a neutral outlook for the broader market. ETH is at $2,269 today, up or down just 0.49% over 24 hours, while the funding rate is -0.0005%, close to zero. The caveat: this assessment is invalidated if the remaining stolen funds are concentrated and sold on exchanges.
Wu Says Today’s Tracking: After $6.3 billion was stolen, the hacker dumped more than 130 types of tokens, converting them into about 123,400 ETH and 1.69 million USDC; they also put up 59.9 million USDT as collateral on Aave to borrow ETH.
The selling pressure looks frightening. Put simply, there isn’t much money that can actually be moved. Elliptic has verified that about $2.85 billion has been frozen or brought under control. Another roughly $3.5 million in NEWT was mistakenly sent to a contract and permanently locked. The rest is a race against time: about $38 million moved through the Relay cross-chain bridge in seven hours. THORChain urgently paused operations due to repeated refunds, slowing the laundering instead. Binance co-CEO He Yi said U.S. law enforcement’s involvement was “very efficient.”
The data points to a short-term bearish outlook for $ETH , with limited pressure, and a neutral outlook for the broader market. ETH is at $2,269 today, up or down just 0.49% over 24 hours, while the funding rate is -0.0005%, close to zero. The caveat: this assessment is invalidated if the remaining stolen funds are concentrated and sold on exchanges.