WazirX Hacker dump $42.7M of stolen Ethereum into TornadoCash

• On 2 September, WazirX held a digital townhall assembly to debate their plan to recuperate stolen funds
• ETH might fall to $2,200 and even decrease because it breaks out of the week-long consolidation zone

The current actions of the WazirX, Penpiexyz, and Fenbushi exploiters have captured everybody’s consideration. Particularly as they’ve began transferring hundreds of thousands value of stolen funds amid the market’s bearish sentiment.

On 6 September 2024, the on-chain analytics agency Lookonchain revealed that these hackers deposited a big 17,800 ETH value $42.7 million into Twister Money within the final three days.

WazirX exploiter strikes hundreds of thousands value of ETH

Nevertheless, one concern amongst traders and establishments is the restoration of the stolen funds. On 2 September 2024, WazirX held a digital townhall assembly to debate their plan to recuperate the stolen funds from the exploiter. 

Because the assembly, the WazirX exploiter has transferred 7,200 ETH value $17.3 million into Twister Money. It seems that they haven’t any plans to return a big $235 million value of crypto. 

Supply: X (Beforehand Twitter)

Moreover, Penpiexyz exploiters, who drained $27 million value of property, additionally deposited a big 9,600 ETH value $23 million to Twister Money.

On this delicate market situation, these vital fund transfers could set off panic and gasoline promoting strain.

Ethereum technical evaluation and key ranges

On the each day charts, ETH’s value motion appeared tremendous bearish. After the breakdown of the rising wedge value motion sample on a each day timeframe, it consolidated for per week. 

On the time of writing, it was breaking out of that consolidation zone whereas closing a each day candle under the zone. 

Supply: Tradingview

Primarily based on the historic value momentum, there’s a excessive probability that ETH might fall to the $2,200 stage and even decrease.

Alternatively, the Relative Power Index (RSI) was in an oversold space which might probably level to a value reversal. Nevertheless, given the market circumstances and whale exercise, this is perhaps unlikely.

ETH’s value momentum

On the time of writing, ETH was buying and selling close to $2,374 following a value drop of 1% within the final 24 hours, in response to CoinMarketCap. In the meantime, its buying and selling quantity additionally dropped by 6% over the identical interval, indicating decrease participation from merchants amid the market sell-off.

Quite the opposite, ETH’s Open Curiosity hiked by 1.2% within the final 24 hours, indicating rising ETH Future contracts amid value decline.