HECOBridge Exploiters Move 40K Ethereum, Will It Impact ETH Price?

In a riveting turn of events, HECOBridge exploiters recently moved over 40K ETH to Tornado Cash, echoing a sense of frenzy across the crypto horizon. Following ETH’s restricted movement observed over the past few days, these colossal ETH transfers unveiled by PeckShieldAlert promptly nabbed significant investor attention, birthing speculations over the transfers potentially being one of reasons for ETH’s weekly dip.

#PeckShieldAlert As of today (22 Mar. 2024, UTC), #HECOBridge exploiters – labeled addresses – have transferred ~$40,391.8 $ETH (equivalent to ~$145.7m) to #TornadoCash within the last 8 days pic.twitter.com/ZfrDvbRQCm

— PeckShieldAlert (@PeckShieldAlert) March 22, 2024

HECOBridge is an on-chain bridge that facilitates the transfer of funds between the Ethereum network and Heco Chain, HTX’s blockchain. Following its exploitation as of late November 2023, a significant loss of funds was reported, evaluating nearly $86 million.

A Closer Look Into The Report

According to the insights offered by PeckShield Alert, the exploiter moved 40,391.8 ETH in the past eight days, collectively shifting them to Tornado Cash, a decentralized cryptocurrency tumbler. This massive dump to the decentralized platform sparked concerns over ETH’s bearish movement over the past week.

Valued at approximately $145 million, the abovementioned amount of ETH was shifted in eighteen separate transactions over the past eight days. Whereas, the ETH price also dipped remarkably at the same time, illustrating a 5.94% fall in the past seven days. This sparked concerns orbiting the above-mentioned colossal ETH dumps and its potential aid in pulling ETH’s price back.

Meanwhile, the transfers PeckShieldAlert revealed backed up ETH’s recent dip, showcasing supply gains for the token on exchanges, even decentralized. Simultaneously, market dynamics for Ethereum stirred a whirlpool of speculations among crypto market enthusiasts globally, hinting at bears taking control in the market.

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Ethereum Price Slips

As of writing, the Ethereum token’s price noted a 2.99% drop over the past 24 hours and is currently trading at $3,431.55. With the token’s market cap and 24-hour trading volume showcasing a plunge of 2.94% and 38.26%, ETH painted a bearish climate for itself today.

Meanwhile, with the significant dump by HECOBridge exploiters further weighing in, additional bearish market sentiments on ETH persist. Coinglass spotlighted a considerable dip in the token’s open interest and volume, per derivatives data, adding to the this bearishness.

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