Hackers dumped Ethereum after profiting 3 million USD via To
On November 13, the Ethereum price fell to around $2,000, and two large sell-offs drew attention. A hacker received 1,500 ETH from Tornado Cash and then sold 1,499.5 ETH at $1,998 (about $3 million); another whale withdrew 8,876 ETH from Aave and swapped 16,700 ETH for USDT via CoWSwap, incurring a loss of about $1.61 million.
Event Timeline
- [11-13 05:37] A hacker received 1,500 ETH from Tornado Cash and sold it, worth about $3 million (PANews)
- [11-13 05:44] ETH fell to around $2,000, with a hacker wallet suspected of selling about $3 million worth of ETH (Wu Shuo)
- [11-13 07:56] A whale sold about 16,700 ETH, with a trading loss of about $1.61 million (Odaily Planet Daily)
- [11-13 07:57] A whale swapped 16,700 ETH for USDT, with an exchange loss of about $1.61 million (PANews)
Background and Impact
In the early hours of November 13, the Ethereum price fell to around $2,000, and market panic spread. According to Lookonchain monitoring, after a wallet received 1,500 ETH from Tornado Cash, it sold 1,499.5 of them at an average price of about $1,998, for a total value of about $3 million. The transaction was noted by multiple media outlets, but the destination or specific use of the funds was not disclosed.
Later the same day, another large sell-off was detected by Onchain Lens. A whale withdrew about 8,876 ETH from Aave and swapped 16,700 ETH for USDT via CoWSwap, ultimately receiving about $30.94 million, about $1.61 million less than the value of about $32.55 million at the time of the transaction. Data shows that the whale had bought 8,631 ETH a month earlier at an average price of $2,743, worth about $23.67 million.
Both sell-offs occurred against the backdrop of a falling Ethereum price, but the sources of funds and execution paths differed. The Tornado Cash-related sell-off involved a mixing protocol, while the whale sell-off was completed directly through DeFi protocols and a DEX. As of press time, the Ethereum price was still fluctuating around $2,000, and the market remained alert to further selling pressure.
Frequently Asked Questions
### Are these two ETH sell-offs related?
The sources of funds and execution paths of the two sell-offs were different. The ETH sold by the hacker came from Tornado Cash, while the whale sell-off involved withdrawal from Aave and exchange via CoWSwap. The sources currently do not disclose any direct link between the destinations of the two sets of funds.
### What are Tornado Cash and CoWSwap?
Tornado Cash is a well-known Ethereum mixing protocol used to enhance transaction privacy; CoWSwap is a decentralized trading protocol that supports users in executing on-chain trades at optimal prices. Both are DeFi infrastructure.
### After Ethereum fell to $2,000, is there a risk of more sell-offs ahead?
As of now, the sources have disclosed only the two sell-offs above. Market panic may persist, but the specific risks ahead need to be further observed in light of on-chain data and the macroeconomic environment.