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Hackers Dump Ethereum, How Does it Impact ETH Market Price?
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- Hackers dumped 27.5 million worth of Ethereum in exchange for DAI.
- Ether is trading at $1,906 with a 6% drop in the last 24 hours.
On-chain analysts have always been super active in the crypto industry. For a market that operates 24/7/365, on-chain trackers are more than necessary to keep on eye on unusual transactions. Recently, two prominent on-chain tracking platforms found an unusual activity regarding Ethereum dumping.
Hackers are dumping $ETH!
— Lookonchain (@lookonchain) March 28, 2025
2 new wallets(likely related to hackers) received 14,064 $ETH from #THORChain and #Chainflip, then dumped for 27.5M $DAI at an average selling price of $1,956.https://t.co/hSP1PRGpuLhttps://t.co/6axvL6d7Dg pic.twitter.com/7RoYCGMdWD
As per the latest update from renowned on-chain analyst, Lookonchain, 2 new wallets dumped 14,064 Ether tokens. They received 27.5 million worth of DAI tokens in exchange for selling ETH at an average price of $1,956.
What made the tracker suspicious of the transactions is that they had just received these Ether tokens from THORChain and Chainflip. While another on-chain tracker, Spot On Chain, raised a suspicion saying, “Coincidence or laundering?” Whereas Lookonchain predicted that the two wallets belong to hackers.
How did the Ether price impact?
Ether price is trading at $1,895 with more than a 6% drop in the last 24 hours, at press time. The token was trading slightly above the $2,000 price level yesterday and lost that support. Its chart clearly shows a sharp price drop in the Asian morning hours, which plunged the ETH price from $2,003 to $1,913.
The Ether price drop might have something to do with the dumping of hackers. However, the broader crypto market is also witnessing a drop in its volume today. While Bitcoin is down by 2.27%, overall market cap dropped around 3%.
Ethereum has been on a disappointing downtrend for the past few months. During the short bull run at the end of 2024, Ether witnessed gains but failed to record a new ATH value. Meanwhile, on-chain development and upgrades are also slowing down the network.
Ether recorded an all-time low value of daily burn rate last week, as per TheBlock statistics. This demonstrates the decrease in on-chain activity. On the other hand, exchange reserves of Ethereum also hit a yearly-low value last week. Whether Ether affirms its position as the second-largest cryptocurrency or loses its position to other blockchain platforms remains a question.
In This News
Coins
$ 88.24K
+1.34%
$ 2.93K
+3.09%
$ 0.0139
+0.12%
$ 0.000399
$ 0.000207
Share:
In This News
Coins
$ 88.24K
+1.34%$ 2.93K
+3.09%$ 0.0139
+0.12%$ 0.000399
$ 0.000207
Share:
Read More
Ethereum (ETH) Treads Water Below $3K: Will Bulls or Bears Take Control?
Ethereum Stalls In A Critical Zone As Breakout Structures Wait For Confirmation
Hackers Dump Ethereum, How Does it Impact ETH Market Price?
Share:
- Hackers dumped 27.5 million worth of Ethereum in exchange for DAI.
- Ether is trading at $1,906 with a 6% drop in the last 24 hours.
On-chain analysts have always been super active in the crypto industry. For a market that operates 24/7/365, on-chain trackers are more than necessary to keep on eye on unusual transactions. Recently, two prominent on-chain tracking platforms found an unusual activity regarding Ethereum dumping.
Hackers are dumping $ETH!
— Lookonchain (@lookonchain) March 28, 2025
2 new wallets(likely related to hackers) received 14,064 $ETH from #THORChain and #Chainflip, then dumped for 27.5M $DAI at an average selling price of $1,956.https://t.co/hSP1PRGpuLhttps://t.co/6axvL6d7Dg pic.twitter.com/7RoYCGMdWD
As per the latest update from renowned on-chain analyst, Lookonchain, 2 new wallets dumped 14,064 Ether tokens. They received 27.5 million worth of DAI tokens in exchange for selling ETH at an average price of $1,956.
What made the tracker suspicious of the transactions is that they had just received these Ether tokens from THORChain and Chainflip. While another on-chain tracker, Spot On Chain, raised a suspicion saying, “Coincidence or laundering?” Whereas Lookonchain predicted that the two wallets belong to hackers.
How did the Ether price impact?
Ether price is trading at $1,895 with more than a 6% drop in the last 24 hours, at press time. The token was trading slightly above the $2,000 price level yesterday and lost that support. Its chart clearly shows a sharp price drop in the Asian morning hours, which plunged the ETH price from $2,003 to $1,913.
The Ether price drop might have something to do with the dumping of hackers. However, the broader crypto market is also witnessing a drop in its volume today. While Bitcoin is down by 2.27%, overall market cap dropped around 3%.
Ethereum has been on a disappointing downtrend for the past few months. During the short bull run at the end of 2024, Ether witnessed gains but failed to record a new ATH value. Meanwhile, on-chain development and upgrades are also slowing down the network.
Ether recorded an all-time low value of daily burn rate last week, as per TheBlock statistics. This demonstrates the decrease in on-chain activity. On the other hand, exchange reserves of Ethereum also hit a yearly-low value last week. Whether Ether affirms its position as the second-largest cryptocurrency or loses its position to other blockchain platforms remains a question.
In This News
Coins
$ 88.24K
+1.34%$ 2.93K
+3.09%$ 0.0139
+0.12%$ 0.000399
$ 0.000207
Share:
In This News
Coins
$ 88.24K
+1.34%$ 2.93K
+3.09%$ 0.0139
+0.12%$ 0.000399
$ 0.000207
Share:
Read More
Ethereum (ETH) Treads Water Below $3K: Will Bulls or Bears Take Control?