ETH Keeps Falling As Supposed Bybit Hackers Dump it For DAI
The alleged Bybit hackers seem to have been offloading their stolen Ethereum (ETH), additional pressuring its value to drop drastically beneath $1,900 earlier immediately.
Previously 12 hours, two newly activated wallets have moved roughly 14,064 ETH by way of THORChain and Chainflip whereas later promoting it for almost $27.5 million in DAI on the market value of $1,956 per ETH.
Onchain information analytics platform, Lookonchain finds that each the addresses obtained hundreds of ETH in a number of transactions and certainly one of them swapped ETH for DAI utilizing CoW Swap whereas different used Uniswap.
The hackers appear to be strategically shifting funds throughout totally different chains to evade monitoring whereas changing their crypto into stablecoins. Given the present market circumstances, these massive transactions have raised the sell-side stress with it inflicting panic amongst merchants.
Moreover, market analysts are speculating that skinny liquidity is exacerbating the impression of those dumps and it’s resulting in additional decline in ETH value.
On the time of writing, ETH is buying and selling at $1,890 – down 6.36% up to now 24 hours. Whereas it fell 5% earlier to $1,900 – merchants have been anticipating it to rise with a robust push again nevertheless it fell additional beneath key helps.
Whereas the precise cause behind ETH price drop nonetheless stays unsure, this promoting from hackers may very well be seen as a key driver as of now.
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