Ethereum market on edge after $11 million transfer by hackers
An $11 million transfer of stolen Ethereum (CRYPTO:ETH) by a North Korean hacking group has sparked fears of a potential market selloff.
The funds, linked to the July hack of crypto exchange WazirX (CRYPTO:WRX), were moved on September 9, 2024, to Tornado Cash (CRYPTO:TORN), a platform known for anonymizing crypto transactions.
This move has raised concerns about increased downward pressure on Ethereum's price.
Blockchain intelligence firm Arkham reported that 5,000 ETH, worth over $11 million at current prices, was transferred to a new address early Monday morning.
Shortly after, $1.2 million of these stolen funds were sent to Tornado Cash in five separate transactions.
The use of Tornado Cash by cybercriminals to hide the source and destination of funds has drawn increasing scrutiny, especially in high-profile cases like this.
This transaction follows another $4 million transfer last week by the same North Korean-linked address, which still holds over $107 million in various cryptocurrencies.
The stolen assets represent a significant portion of WazirX's reserves, adding to the exchange's ongoing efforts to manage the fallout from one of the largest hacks in India's crypto history.
The market's anxiety over Ethereum's price is further fueled by significant sales from key figures in the Ethereum community.
Ethereum co-founder Vitalik Buterin recently moved 3,800 ETH, valued at around $10 million, in two transactions on August 9 and 30.
More recently, Buterin’s wallet offloaded another 760 ETH for $1.83 million in USDC (CRYPTO:USDC).
Additionally, the Ethereum Foundation sold 450 ETH for $1.03 million in DAI (CRYPTO:DAI), adding to concerns of increased selling pressure.
With Ethereum's Relative Strength Index (RSI) showing bearish momentum and ongoing selloffs in both spot and perpetual futures markets, traders are preparing for more volatility in the coming weeks.
At the time of writing, the Ethereum (ETH) price was $2,345.38.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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