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A hacker address implicated in the exploit of Mixin network is back to life after two years of inactivity. As flagged by Lookonchain, the hacker’s wallet address appears to be selling the siphoned funds with the aid of popular crypto mixer Tornado Cash.
Ethereum sell-off initiated by Mixin hacker
Per the insight from Lookonchain, in the past 15 hours, the hacker has sent 2,005 Ethereum, valued at $3,850,000, to Tornado Cash. This marked the start of other transactions, as three new wallets also received 2,087 ETH.
These fragmented ETH have a value of $4.03 million, and through Tornado Cash, they were sold at a market price of $1,933. As of writing time, the price of Ethereum was changing hands for $1,971.30, implying that the hacker sold at a loss with differences in valuation.
As with many scam alert trends, attackers often lie low after their exploit to stall investigations into their nefarious acts. Mixin network was exploited in 2023, with the hacker siphoning 57,849 Ethereum worth $113.4 million.
At the time, the exploit also led to the loss of 891 BTC, worth $59.7 million, and 23.57 million USDT, which was converted into DAI stablecoin.
More selling pressure for ETH
The market sentiment around Ethereum is growing more negative as different sell-off avenues have emerged in the past 24 hours.
U.Today previously noted that BlackRock moved millions in Ethereum to Coinbase, extending its dump of the largest altcoin. With less observable Ethereum retail accumulation to shift the trend, the price of ETH is poised to remain in a deep drawdown in the coming weeks.
While Bitmine is helping to cushion the sell-off with purchases and staking of the Ethereum in its treasury, the net sell-off needs to reverse for an ultimate price rebound. As of writing time, the coin was priced at $1,970, down 1.3% in the past 24 hours, per CoinMarketCap data.
Vladislav Sopov
Dan Burgin