The alleged Bybit hackers appear to have been offloading their stolen Ethereum (ETH), further pressuring its price to drop drastically below $1,900 earlier today.
In the past 12 hours, two newly activated wallets have moved approximately 14,064 ETH through THORChain and Chainflip while later selling it for nearly $27.5 million in DAI at the market price of $1,956 per ETH.
Onchain data analytics platform, Lookonchain finds that both the addresses received thousands of ETH in multiple transactions and one of them swapped ETH for DAI using CoW Swap while other used Uniswap.
The hackers seem to be strategically moving funds across different chains to evade tracking while converting their crypto into stablecoins. Given the current market conditions, these large transactions have raised the sell-side pressure with it causing panic among traders.
Furthermore, market analysts are speculating that thin liquidity is exacerbating the impact of these dumps and it is leading to further decline in ETH price.
At the time of writing, ETH is trading at $1,890 – down 6.36% in the past 24 hours. While it fell 5% earlier to $1,900 – traders were expecting it to rise with a strong push back but it fell further below key supports.
While the specific reason behind ETH price drop still remains uncertain, this selling from hackers could be seen as a key driver as of now.
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