On Monday, the WazirX exploiter moved thousands of Ethereum tokens, sparking speculation over the asset selloff.
The notorious exploiter behind the Indian-based exchange WazirX hack has moved 2,600 ETH ($6.5 million) to the mixing platform Tornado Cash. Data from SpotOnChain shows that the hacker moved the funds across 27 on-chain transfers.
Per the data, the hacker moved 0.1 ETH first to test the transfer before moving 100 ETH in several batches to Tornado Cash. The alleged North Korean-affiliated exploiter started laundering the funds by 16:08 UTC on Monday.
Notably, this latest selloff came after the hacker moved 16,345 ETH ($56.88 million) to two new wallets in July. The exploiter also dumped all exploited SHIB and MATIC for Ether. For context, the hacker stole 5.43 trillion SHIB ($101 million), 15,298 ETH ($52.6 million), and 20.5 million MATIC ($11.3 million).
Meanwhile, WazirX seems keen on recovering the funds after setting aside $12 million for investigations and legal battles. The leading Indian crypto platform contacted over 500 exchanges and notable on-chain tracking experts to help in its course to recover the stolen funds.
Ethereum Sell-Off?
Following the fresh transactions, on-chain analysis reveals that the WazirX hacker still holds 59,156 ETH (worth $149 million) spread across nine wallets at press time. With a huge chunk of Ethereum left with the exploiter, there could be more impending selloffs ahead.
Ethereum and the broader market have shown price weakness in recent weeks. If the hacker pursues selling all his ETH holdings, it could spark wider market tension. A similar but larger Ethereum sell-off from Jump Trading earlier in August saw Ethereum dump over 10%.
Notably, the Ethereum spot exchange-traded funds (ETFs), which were speculated to bring considerable inflows into Ether, have lagged behind expectations. Since their inception in July, the products have seen a cumulative net outflow of $477.25 million.
Meanwhile, Ethereum showed signs of a price rebound on Tuesday, growing over 2% in the past 24 hours. At the time of writing, ETH changes hands at $2,517 with a market cap of $302 billion..
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