Unleash Hacker Moves $4M ETH via Tornado Cash

Unleash Protocol Hack Impacts Ethereum Price

The unauthorized access to Unleash Protocol's multisig wallet resulted in a theft of nearly $4 million in ETH, causing a 1.2% drop in Ethereum's price over the last 24 hours to $2,350.

Price Action Details

• Current Price: $2,350
• 24h Change: -1.2%
• 7d Change: -0.5%
• 30d Change: +3.1%
• Key Support: $2,300
• Key Resistance: $2,400
• 24h Volume: 120,000 ETH, 20% above the 30-day average
• Market Cap Impact: Ethereum's market cap decreased by $1.5 billion to $275 billion

Driving Factors

• The hack of Unleash Protocol's multisig wallet was the primary catalyst for the price drop.
• On-chain data shows an increase in ETH being moved to Tornado Cash, with over 1,700 ETH laundered in the last 24 hours.
• Significant whale activity was observed, with several large ETH holders moving their assets off exchanges.
• The news of the hack was first reported by The Block, which likely contributed to the market's reaction.

Broader Market Context

• Bitcoin experienced a milder 0.5% drop to $35,000, showing less sensitivity to the hack.
• The DeFi sector saw a slight decrease in TVL, dropping by 0.8% to $72 billion, according to DefiLlama.
• The Fear & Greed Index for Ethereum currently stands at 45, indicating a neutral market sentiment.
• Analyst Michael van de Poppe from Eight, noted that while the hack is concerning, it's unlikely to cause a prolonged bearish trend for Ethereum, given its strong fundamentals.

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