Reports reveal that a wallet associated with a significant cryptocurrency theft from two years ago converted $39.75 million DAI into 16,892 Ethereum (ETH) tokens amid a 23% drop in value on Monday.<\/p>\n
The individual responsible for a 2022 attack on Nomad, stealing nearly $200 million in cryptocurrency, took advantage of reduced ETH prices to exchange some of the stolen funds for ETH tokens.<\/p>\n
Data on the blockchain indicates that following the transaction, the hacker transferred the tokens in batches to Tornado Cash, a service known for its privacy features and suspected use in laundering illicit cryptocurrency proceeds.<\/p>\n
Despite attempts at recovery, formidable selling activity hindered the rebound of the second-largest cryptocurrency as major corporations contributed to the downward trend.<\/p>\n
Analyst DeFi Mochi attributed the ETH price plummet to large investment firms capitulating. Reports suggest that Paradigm sold 46,000 ETH valued at $138 million at $3,000, while Grayscale shed 372,000 ETH worth $1.1 billion through its recently authorized Ethereum exchange-traded fund (ETF) in the US.<\/p>\n
Furthermore, market player Jump Trading liquidated over $500 million in Ethereum following rumors of its potential exit from the cryptocurrency market maker sector.<\/p>\n
The latest data from CoinShares reveals substantial outflows from digital asset investment products after over a month without significant activity, totaling $528 million last week.<\/p>\n
Market fears of a US recession, geopolitical uncertainties, and broader asset sell-offs prompted this response. Trading volumes for these products declined, representing only 25% of the total cryptocurrency market activity.<\/p>\n
Most outflows were observed in the US, with $531 million, while Germany and Hong Kong saw outflows of $12 million and $27 million, respectively.<\/p>\n
In contrast, Canada and Switzerland experienced inflows of $17 million and $28 million, possibly capitalizing on the market downturn.<\/p>\n
Etherem saw outflows of $146 million, with net outflows reaching $430 million since the launch of Ethereum ETFs in the US. Notably, new US ETFs recorded $430 million in inflows last week, offset by $603 million outflows from the Grayscale Trust.<\/p>\n
<\/p>\n
At present, Ethereum has recuperated to the $2,450 mark, registering a 28% decline over the past week and a 31% drop in the last two weeks despite this recent modest rally.<\/p>\n
Image source: DALL-E, chart by TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"
Reports reveal that a wallet associated with a significant cryptocurrency theft from two years ago converted $39.75 million DAI into 16,892 Ethereum (ETH) tokens amid a 23% drop in value on Monday. Cybercriminal Seizes Opportunity Amidst Ethereum’s Fall The individual responsible for a 2022 attack on Nomad, stealing nearly $200 million in cryptocurrency, took advantage […]<\/p>\n","protected":false},"author":1,"featured_media":16858,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"A Surprising Support: Hacker Transfers $40 Million During Ethereum's 25% Price Decline - Bitrabo","description":"Reports reveal that a wallet associated with a significant cryptocurrency theft from two years ago converted $39.75 million DAI into 16,892 Ethereum (ETH) token"},"footnotes":""},"categories":[316],"tags":[6889,6890,6532,1307,979,768,668,1525,561,467,3560,6888],"class_list":["post-16857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-40-million","tag-25-price-crash","tag-ally","tag-channels","tag-crash","tag-ethereum","tag-ethereums","tag-hacker","tag-million","tag-price","tag-unexpected","tag-unexpected-ally"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/16857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=16857"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/16857\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/16858"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=16857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=16857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=16857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}