Drift Protocol Attacker Moves More ETH to Tornado Cash
The Drift Protocol attacker, who stole more than $270 million, has continued moving funds through Tornado Cash. An earlier report tracked a deposit of at least 13,400 ETH, worth about $32 million, after a two-month lull. A later update from Lookonchain reported another 24,885 ETH deposit, valued at roughly $61.3 million, and said the attacker still held 56,569 ETH, worth about $139.3 million. Earlier wallet estimates also listed 93,965 ETH and smaller holdings of USDY and SOL, underscoring that on-chain balances can vary across snapshots. The transfers may make the funds harder to trace, but do not confirm that the ETH has been sold.
Neutral
The main direct price exposure is to ETH. Depositing ETH into Tornado Cash can raise concerns about laundering and the eventual sale of stolen funds, potentially prompting short-term caution among traders. However, the reported transfers do not establish that the ETH has been sold or moved to an exchange, and the amounts alone do not demonstrate immediate market-wide selling pressure. That makes a sustained price effect uncertain. Over the longer term, the incident may contribute to risk sentiment around crypto security and illicit fund flows, but it does not by itself change Ethereum’s fundamentals. The expected impact on ETH is therefore neutral, with on-chain movements worth monitoring for signs of exchange deposits or other evidence of selling.