Ethereum hacker resumes selling $117M stolen ETH

TLDR

An address linked to the 2023 Mixin Network exploit is again moving and selling tens of thousands of stolen ETH, reviving concerns about fresh selling pressure on Ethereum.

1. The hacker from the Mixin Network hack is reportedly selling around 60,000 ETH, worth about 117 million dollars, after roughly two years of inactivity.
2. Early sales are going through new wallets and Tornado Cash, likely to obfuscate flows, and are adding to already bearish sentiment around ETH.
3. The key things to watch are on chain transfer patterns, mixer usage, and whether this overhang turns into sustained market selling or just a one off event.

Deep Dive

1. Who The Hacker Is And What Was Stolen

According to a recent U.Today report, the address is tied to the 2023 Mixin Network exploit, where about 200 million dollars in crypto was stolen.

That hack included roughly 57,849 ETH plus Bitcoin and stablecoins, taken when Mixins cloud service provider was compromised. The report says the hacker is now in the process of selling about 59,854 ETH, valued near 117 million dollars.

A separate Decrypt article confirms a wallet tagged to the Mixin hack has moved several million dollars of ETH and pushed it into Tornado Cash.

2. How They Are Selling And Market Impact

On chain trackers like Lookonchain and Arkham have observed the hacker wallet sending ETH to fresh addresses, with some funds routed into Tornado Cash and others sold on the market slightly below spot prices.

U.Today notes the renewed selling has arrived while Ethereum is already under pressure from ETF outflows, heavy liquidations and low retail accumulation, contributing to a negative short term backdrop for ETH.

However, the hackers ETH is a finite overhang, not ongoing emissions, and some long term holders are still accumulating, which can partly absorb forced selling if it remains gradual.

3. What To Watch Next

1. Size and pace of further transfers from the tagged hacker wallets, especially if they accelerate during periods of low liquidity.
2. How much goes through mixers like Tornado Cash versus centralized exchanges, which may freeze or flag hacked funds.
3. Whether news of large disposals spooks holders into additional selling, or whether buyers treat dips as an opportunity and soak up supply.

For most users, the practical step is to monitor reputable on chain alerts and market data rather than reacting to every transaction in isolation.

Conclusion

An old exploit from the Mixin Network is resurfacing as the attacker finally moves and sells a large chunk of stolen ETH, adding another source of selling into an already fragile Ethereum market. The impact will depend on how fast that supply hits order books and how willing long term buyers are to absorb it, so watching on chain flows and overall ETH liquidity matters more than the headline number alone.