Hackers move $42.7M of stolen Ethereum into Tornado Cash post WazirX townhall
The recent activities of the WazirX, Penpiexyz, and Fenbushi hackers have drawn significant attention, particularly as they have initiated the transfer of millions in stolen assets during a bearish market sentiment.
Lookonchain, an on-chain analytics company, disclosed on 6 September 2024 that these hackers have deposited 17,800 ETH valued at $42.7 million into Tornado Cash within the past three days.
WazirX hacker transfers millions in ETH
Concerns have been raised by investors and corporate bodies regarding the recovery of the stolen assets. Following a digital townhall meeting held by WazirX on 2 September 2024 to discuss strategies for recuperating the stolen funds from the hacker.
Post the townhall meeting, the WazirX hacker moved 7,200 ETH worth $17.3 million into Tornado Cash. It seems that there are no intentions to return a substantial $235 million in cryptocurrencies.
Similarly, the Penpiexyz hackers, who siphoned $27 million in assets, have also transferred 9,600 ETH valued at $23 million to Tornado Cash.
These sizable fund movements in such a delicate market climate might spark fear and increase the selling pressure.
Ethereum technical analysis and crucial levels
ETH’s price action on the daily charts appeared bearish as it broke down from the rising wedge pattern, leading to a week of consolidation. Currently, it is breaking out of the consolidation zone with a daily candle closing below the said zone.
Given the historical price trends, there is a likelihood of ETH dropping to the $2,200 mark or potentially even lower.
Although the Relative Strength Index (RSI) indicates an oversold condition, hinting at a possible price reversal, the prevailing market circumstances and whale activities make this scenario less probable.
ETH’s price performance
ETH’s current trading price stands close to $2,374, experiencing a 1% decline over the past 24 hours, according to CoinMarketCap data. Concurrently, the trading volume has decreased by 6%, signaling a reduced participation from traders amidst the market sell-off.
Conversely, ETH’s Open Interest has risen by 1.2% in the last 24 hours, depicting an increase in ETH Futures contracts amid the declining prices.