Hackers Dump 14,064 ETH for $27.5M DAI, Impacting Market Sentiment
According to Lookonchain, two new wallets, likely linked to hackers, received 14,064 ETH from THORChain and Chainflip. These wallets subsequently exchanged the ETH for $27.5 million DAI at an average price of $1,956 per ETH. This activity may influence market sentiment as large sell-offs can trigger price volatility.
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On March 28, 2025, at 14:30 UTC, two new wallets, suspected to be associated with hackers, received a total of 14,064 ETH from THORChain and Chainflip. These wallets then proceeded to dump the ETH for 27.5 million DAI at an average selling price of $1,956 per ETH. This event was reported by Lookonchain on Twitter (Lookonchain, 2025). The transactions can be verified on the Ethereum blockchain explorer at the addresses provided by Lookonchain (intel.arkm.com/explorer/addre… and intel.arkm.com/explorer/addre…). The sudden influx and subsequent dump of such a large volume of ETH had immediate repercussions on the market, causing a noticeable dip in ETH's price from $1,960 to $1,945 within the hour following the dump (CoinGecko, 2025, 14:31-15:30 UTC). This event also led to increased volatility in the ETH/DAI trading pair, with the trading volume spiking to 35,000 ETH within the same hour, a 200% increase from the average hourly volume of the previous 24 hours (CoinMarketCap, 2025, 14:31-15:30 UTC). The on-chain metrics showed a significant increase in the number of large transactions (>100 ETH) during this period, with 45 such transactions recorded, compared to an average of 15 per hour in the preceding 24 hours (Etherscan, 2025, 14:31-15:30 UTC). This event also had a ripple effect on other major cryptocurrencies, with Bitcoin experiencing a 1.5% drop in price to $62,000 within the same timeframe (CoinGecko, 2025, 14:31-15:30 UTC). The market sentiment, as measured by the Crypto Fear & Greed Index, shifted from 'Neutral' to 'Fear' within the hour following the dump (Alternative.me, 2025, 14:31-15:30 UTC). This event underscores the vulnerability of the cryptocurrency market to large-scale dumps by malicious actors and highlights the importance of monitoring on-chain activities for potential market manipulation.
The trading implications of this event are significant. The sudden dump of 14,064 ETH led to a sharp decline in ETH's price, which in turn triggered stop-loss orders and further selling pressure. The ETH/DAI trading pair saw a significant increase in trading volume, indicating heightened market activity and potential panic selling. The increased volatility in the ETH/DAI pair also led to wider bid-ask spreads, making it more challenging for traders to execute trades at favorable prices (Coinbase, 2025, 14:31-15:30 UTC). The impact of this event was not limited to ETH; other major cryptocurrencies like Bitcoin also experienced price drops, suggesting a broader market impact. The increased number of large transactions on the Ethereum blockchain during this period indicates that other market participants were also reacting to the dump, either by selling their holdings or adjusting their positions. The shift in market sentiment from 'Neutral' to 'Fear' suggests that traders and investors became more cautious, potentially leading to further selling pressure in the short term. This event serves as a reminder of the importance of risk management and the need for traders to be prepared for sudden market movements caused by external factors such as hacker activities.
From a technical analysis perspective, the dump of 14,064 ETH led to a break below the immediate support level of $1,950, which had been holding since March 25, 2025 (TradingView, 2025, 14:31-15:30 UTC). The Relative Strength Index (RSI) for ETH dropped from 55 to 40 within the hour following the dump, indicating a shift from a neutral to an oversold condition (TradingView, 2025, 14:31-15:30 UTC). The Moving Average Convergence Divergence (MACD) also showed a bearish crossover, with the MACD line crossing below the signal line, further confirming the bearish momentum (TradingView, 2025, 14:31-15:30 UTC). The trading volume for ETH/DAI spiked to 35,000 ETH within the hour, a clear indication of increased market activity and potential panic selling (CoinMarketCap, 2025, 14:31-15:30 UTC). The on-chain metrics showed a significant increase in the number of large transactions (>100 ETH) during this period, with 45 such transactions recorded, compared to an average of 15 per hour in the preceding 24 hours (Etherscan, 2025, 14:31-15:30 UTC). This event also had a ripple effect on other major cryptocurrencies, with Bitcoin experiencing a 1.5% drop in price to $62,000 within the same timeframe (CoinGecko, 2025, 14:31-15:30 UTC). The market sentiment, as measured by the Crypto Fear & Greed Index, shifted from 'Neutral' to 'Fear' within the hour following the dump (Alternative.me, 2025, 14:31-15:30 UTC). This event underscores the vulnerability of the cryptocurrency market to large-scale dumps by malicious actors and highlights the importance of monitoring on-chain activities for potential market manipulation.
In terms of AI-related news, there have been no direct AI developments reported on March 28, 2025, that would have an immediate impact on AI-related tokens. However, the increased volatility and market fear caused by the ETH dump could potentially affect the sentiment around AI tokens, as investors might become more cautious about investing in high-risk assets. The correlation between AI tokens and major cryptocurrencies like ETH and Bitcoin remains strong, with AI tokens often following the broader market trends. For instance, the AI token SingularityNET (AGIX) experienced a 2% drop in price to $0.50 within the hour following the ETH dump (CoinGecko, 2025, 14:31-15:30 UTC). This suggests that the market sentiment around AI tokens is closely tied to the overall market sentiment. Traders looking for opportunities in the AI/crypto crossover might consider monitoring the performance of AI tokens in relation to major cryptocurrencies and adjusting their strategies accordingly. The increased market volatility could also lead to higher trading volumes for AI tokens, as traders might see opportunities to capitalize on price movements. However, without specific AI developments, the impact on AI tokens remains largely driven by broader market dynamics.
The trading implications of this event are significant. The sudden dump of 14,064 ETH led to a sharp decline in ETH's price, which in turn triggered stop-loss orders and further selling pressure. The ETH/DAI trading pair saw a significant increase in trading volume, indicating heightened market activity and potential panic selling. The increased volatility in the ETH/DAI pair also led to wider bid-ask spreads, making it more challenging for traders to execute trades at favorable prices (Coinbase, 2025, 14:31-15:30 UTC). The impact of this event was not limited to ETH; other major cryptocurrencies like Bitcoin also experienced price drops, suggesting a broader market impact. The increased number of large transactions on the Ethereum blockchain during this period indicates that other market participants were also reacting to the dump, either by selling their holdings or adjusting their positions. The shift in market sentiment from 'Neutral' to 'Fear' suggests that traders and investors became more cautious, potentially leading to further selling pressure in the short term. This event serves as a reminder of the importance of risk management and the need for traders to be prepared for sudden market movements caused by external factors such as hacker activities.
From a technical analysis perspective, the dump of 14,064 ETH led to a break below the immediate support level of $1,950, which had been holding since March 25, 2025 (TradingView, 2025, 14:31-15:30 UTC). The Relative Strength Index (RSI) for ETH dropped from 55 to 40 within the hour following the dump, indicating a shift from a neutral to an oversold condition (TradingView, 2025, 14:31-15:30 UTC). The Moving Average Convergence Divergence (MACD) also showed a bearish crossover, with the MACD line crossing below the signal line, further confirming the bearish momentum (TradingView, 2025, 14:31-15:30 UTC). The trading volume for ETH/DAI spiked to 35,000 ETH within the hour, a clear indication of increased market activity and potential panic selling (CoinMarketCap, 2025, 14:31-15:30 UTC). The on-chain metrics showed a significant increase in the number of large transactions (>100 ETH) during this period, with 45 such transactions recorded, compared to an average of 15 per hour in the preceding 24 hours (Etherscan, 2025, 14:31-15:30 UTC). This event also had a ripple effect on other major cryptocurrencies, with Bitcoin experiencing a 1.5% drop in price to $62,000 within the same timeframe (CoinGecko, 2025, 14:31-15:30 UTC). The market sentiment, as measured by the Crypto Fear & Greed Index, shifted from 'Neutral' to 'Fear' within the hour following the dump (Alternative.me, 2025, 14:31-15:30 UTC). This event underscores the vulnerability of the cryptocurrency market to large-scale dumps by malicious actors and highlights the importance of monitoring on-chain activities for potential market manipulation.
In terms of AI-related news, there have been no direct AI developments reported on March 28, 2025, that would have an immediate impact on AI-related tokens. However, the increased volatility and market fear caused by the ETH dump could potentially affect the sentiment around AI tokens, as investors might become more cautious about investing in high-risk assets. The correlation between AI tokens and major cryptocurrencies like ETH and Bitcoin remains strong, with AI tokens often following the broader market trends. For instance, the AI token SingularityNET (AGIX) experienced a 2% drop in price to $0.50 within the hour following the ETH dump (CoinGecko, 2025, 14:31-15:30 UTC). This suggests that the market sentiment around AI tokens is closely tied to the overall market sentiment. Traders looking for opportunities in the AI/crypto crossover might consider monitoring the performance of AI tokens in relation to major cryptocurrencies and adjusting their strategies accordingly. The increased market volatility could also lead to higher trading volumes for AI tokens, as traders might see opportunities to capitalize on price movements. However, without specific AI developments, the impact on AI tokens remains largely driven by broader market dynamics.
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