Ethereum just took a nasty dive, slipping below $1,900, and all signs point to hackers dumping stolen token as the trigger.
Over the past 12 hours, two fresh wallets moved 14,064 ETH through THORChain and Chainflip, later flipping it for $27.5 million in DAI at an average price of $1,956 per 1 token.
According to Lookonchain, these wallets racked up it in multiple transactions before swapping it—one using CoW Swap, the other using Uniswap. Looks like they’re shuffling funds across chains to dodge tracking while securing their bag in stablecoins.
Bybit Hacking Consequences
Traders are freaking out, and analysts believe low liquidity is making things worse. With all this selling pressure, the token couldn’t hold key support levels and plunged another 6.36% today.
As of now, its sitting at $1,890, down over 6% in the last 24 hours. It was already struggling at $1,900, but instead of bouncing back, it cracked further under the pressure.
🤔 Why’s ETH actually dropping?
There’s still no clear reason, but this hacker sell-off is definitely a major factor. With such huge volumes being dumped, it’s no surprise it completely is taking a hit.
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