Mixin Hacker Spring Back To Action After Two Years Of Inactivity With Ethereum Sale

The Mixin-linked hacker has re-emerged after two years of inactivity to sell Ethereum, raising fresh concerns about potential market sell pressure.

Mixin Hacker Awakens as Lookonchain Flags New Movements

Blockchain tracker Lookonchain has flagged fresh transactions linked to the Mixin hacker after more than two years of inactivity. According to the on-chain sleuth, the hacker moved 2,005 ETH worth roughly $3.85 million to Tornado Cash. Shortly after, three newly created wallets received 2,087 ETH, valued at around $4.03 million, and sold the funds almost immediately at an average price of $1,933.

Interestingly, Lookonchain had previously reported in 2023 that the Mixin Network suffered a major hack in September, with attackers stealing roughly $200 million in assets. The stolen funds included about 23.57 million DAI, 891 BTC worth $23.3 million, and 59,854 ETH valued at $94.4 million at the time.

At current market prices, the ETH portion alone is now worth approximately $117 million. Following the most recent sale, the hacker is estimated to still hold around 57,849 ETH, valued at roughly $113.4 million, and 891 BTC, now worth about $59.7 million. The scale of remaining holdings continues to raise concerns about potential future dumps.

Security Concerns and Market Supply Shock Risks

The reactivation of funds tied to one of the industry’s major exploits underscores the persistent risks posed by unresolved crypto theft cases. Even years later, stolen assets can suddenly re-enter circulation, disrupting market sentiment.

Large hacker-controlled wallets create uncertainty because they represent potential points of selling pressure. If significant portions of these holdings are liquidated quickly, they can trigger panic, increase volatility, and temporarily distort liquidity across exchanges.

Meanwhile, the use of mixing services suggests ongoing attempts to obscure transaction trails, complicating recovery efforts and regulatory enforcement. Security firms and exchanges are now likely to increase monitoring activity to detect any additional suspicious flows linked to these funds.

ETH Price Outlook as Market Reclaims $2,000 but Risks Remain

Ethereum has recently reclaimed the $2,000 region, surging by over 7% in the past 24 hours, a move that has helped restore some bullish sentiment across the market. The rebound suggests renewed buying interest and improving short-term momentum following recent periods of weakness.

However, investors remain cautious despite the recovery. Market participants remain wary of potential selloffs tied to the large amount of ETH still in the hacker’s possession. With tens of thousands of ETH still under the attacker’s control, any sudden movement toward exchanges could quickly shift market sentiment.

Thus, for now, traders are closely watching wallet activity, exchange inflows, and key technical levels as Ethereum attempts to stabilize above the psychological $2,000 mark.