HECOBridge Exploiter Transfer $145M Worth Of Ethereum

The transfer of over 40,000 ETH from HECOBridge exploiters to Tornado Cash has caused a stir in the cryptocurrency community.

The recent transfer of more than 40,000 ETH from HECOBridge exploiters to Tornado Cash has sparked excitement across the cryptocurrency landscape.

As a result of the restricted movement of Ethereum (ETH) that has been witnessed over the past few days, these enormous ETH transfers revealed by PeckShieldAlert quickly garnered substantial attention from investors.

This gave rise to theories that the transfers could be one of the reasons for the weekly increase in the price of Ethereum.

Additionally, HECOBridge is an on-chain bridge that transfers funds between the Ethereum network and the Heco Chain, the blockchain HTX uses.

As of the end of November 2023, its exploitation resulted in the loss of a substantial amount of funds, totaling almost $86 million.

PeckShield Alert has provided information that indicates that the exploiter has transferred a total of 40,391.8 ETH over the past eight days.

HECOBRIDGE Exploiter Transfers Fund To Tornado Cash

Tornado Cash, a decentralized cryptocurrency tumbler, received the collective ETH. This enormous dump to the decentralized platform has raised concerns over the negative movement of ETH over the previous week.

Eighteen different transactions transferred the aforementioned quantity of ETH, estimated to be worth around $145 million, over the previous 8 days.

The price of Ethereum, on the other hand, had a remarkable decline in the same period, demonstrating a decrease of 5.94% over the previous week.

This aroused concerns regarding the massive ETH dumps stated earlier, as well as the possibility that it could assist in bringing the price of ETH back down.

In the meantime, the transfers that PeckShieldAlert disclosed reinforced the recent decline in the value of ETH. These transactions demonstrated supply increases for the token on exchanges, including decentralized ones.

At the same time, the dynamics of the Ethereum market sparked a whirlwind of conjecture among devotees of the cryptocurrency market all over the world, which hinted at bears seizing control of the market.

The price of an Ethereum token has decreased by 2.99% over the previous 24 hours and is presently trading at $3,431.55 as of the time of this writing.

ETH created a gloomy climate for itself today, as seen by the fact that the token’s market cap and 24-hour trading volume both showed a steep decline of 2.94% and 38.26%, respectively.

In the meantime, additional unfavorable market sentiments on ETH continue to prevail as a result of the vast dump that was carried out by HECOBridge exploiters.

Coinglass brought to light a significant decrease in the open interest and volume of the token, as indicated by derivatives data, which contributed to the bearishness of the situation.