According to Lookonchain, the hacker responsible for stealing over $300 million from Coinbase users has sent a taunting message to @zachxbt and executed a major transaction, selling 8,698 ETH for $22.12 million in DAI two hours ago (Source: Lookonchain via Twitter, May 22, 2025; Etherscan). This large-scale liquidation is significant for Ethereum traders, as such sudden inflows of ETH to the market often signal increased volatility and potential downward pressure on ETH prices. Crypto traders should closely monitor on-chain activity and be alert for further movement from the hacker’s wallet, as additional sales could trigger further price swings or liquidity shifts across decentralized exchanges.

According to @EmberCN, 8,698 ETH were sold for 22.12 million DAI at a price of $2,543.4 just 50 minutes ago. The address received these ETH from THORChain, a decentralized cross-chain exchange, only an hour and a half prior. Historically, funds transferred via THORChain have been associated with questionable origins, notably with Bybit hack proceeds previously laundered through the platform. This sizeable transaction may signal increased risk sentiment and potential volatility in ETH and DAI markets due to its connection to potentially illicit funds and large-scale movement. Source: @EmberCN on Twitter.