Oxinfin Hacker Buys 17,696 ETH Worth $49.5 Million

Ethereum investors remain optimistic despite a 3.49% decline over the past day.

Over the past week, Ethereum (ETH) has been involved in several scandals. Following the hack of Bybit, investors’ concerns were temporarily alleviated when the ETH supply on the exchange stabilized.

However, another hack has occurred.

Hacker Buys 17,696 ETH Worth $49.5 Million

Recently, a new account emerged that spent 49.5 million DAI to purchase 17,696 ETH tokens. Initially reported by Lookonchain as significant whale accumulation, this transaction was later identified as a hack.

Lookonchain reported that Stablecoin bank Oxinfini was breached, resulting in the theft of 49.5 million USDC. The hacker subsequently swapped the stolen USDC for DAI to acquire 17,696 ETH. These tokens were then transferred to the new account, which was mistakenly thought to be a whale.

This incident negatively impacts Oxinfini and Ethereum, linking the latter with hackers which could affect investor sentiment and price.

Any Impact on Ethereum?

The hack has indeed cast a shadow over Ethereum’s price movement, which was trading at $2705, reflecting a 3.49% decline. Additionally, ETH has dropped by 2.89% on the weekly and 18.8% on the monthly charts.

Despite these downturns, Ethereum investors remain optimistic, as evidenced by a rise in the Buyer Taker Sell ratio from 0.9 to 1.085, indicating higher buy activity than sell. U.S. institutional investors are also accumulating ETH, as suggested by a recovering Coinbase premium index.

The recent buying activity has increased Ethereum’s market scarcity, with the stock-to-flow ratio rising to 99.13. A higher SFR indicates reduced supply relative to demand, potentially driving prices up if demand remains steady or improves.

In conclusion, despite the controversies surrounding Ethereum, investor sentiment remains resilient. With continuous buying pressure, ETH is expected to trade sideways between $2.5k and $2.8k.