Key Highlights
- The attacker sent 2,005 ETH, valued at approximately $3.85 million, to Tornado Cash.
- Shortly after, three new wallets received 2,087 ETH (nearly $4.03 million) from Tornado Cash, which was quickly sold for $1,933 per ETH.
- The hacker still has 57,849 ETH and 891 Bitcoin.
The hacker behind the $200 million Mixin Network exploit has resurfaced after more than two years of inactivity, moving nearly $117 million worth of Ethereum.
In an X post on Friday, on-chain data showed that 59,854 ETH, dormant since the September 2023 breach, had become active again.
Sudden activity after two years
On February 12, the attacker sent 2,005 ETH, valued at approximately $3.85 million, to Tornado Cash, the privacy-focused Ethereum mixer. Shortly after, three new wallets received 2,087 ETH (nearly $4.03 million) from Tornado Cash, which was quickly sold at $1,933 per ETH.
Despite these activities, the hacker still has 57,849 ETH (approximately $113.4 million) and 891 BTC (approximately $59.7 million). This indicates that a large portion of the stolen funds remains untouched.
The $200 million Mixin hack
The Mixin Network hack occurred on September 23, 2023, when attackers reportedly drained the platform of approximately $200 million, including:
- 59,854 ETH (worth $94.4 million at the time)
- 891 BTC (worth $23.3 million)
- 23.57M USDT, later swapped for 23.55M DAI
Use of Tornado Cash raises questions
The movement via Tornado Cash suggests that the attacker is attempting to obscure the origin of the ETH before selling it on the open market. This method, often used in previous crypto thefts, complicates tracking and regulatory enforcement.
Blockchain observers say that these transactions signal a phased liquidation strategy rather than a sudden dump, likely to avoid crashing ETH prices in the current market volatility.
Market impact
The initial selling at $1,933 per ETH suggests that the attacker has already realized millions from the stolen assets. With thousands of ETH still in the wallets, it remains to be seen whether the hacker sells more amid the dropping prices.
At the time of writing, Ethereum is trading around $1,965, up 0.94% over the past 24 hours. Its market cap stands at $234.82 billion, up 0.79% during the same period.
Broader context
The resurgence of these wallets ends a two-year silence and reintroduces the volume of previously frozen ETH into the market.
For now, the wallets remain under scrutiny, as traders and analysts wait to see whether this is the start of a selling spree or just a random test transaction after years of inactivity.
Also Read: Rosen Law Probes Balancer $100M Hack Over Possible Disclosure Gaps
