Infini Hack: 4,770 ETH Dump Mean Say More Sell-Off Dey Come
Di Infini hack first show for July 10, 2023 when attackers comot 6,771 ETH (~$19 million) from DeFi lending protocol. Di hacker liquefy 5,000 ETH via Tornado Cash and keep 1,771 ETH for intermediary wallets.
February 2025 come, di Infini hack happen again as attacker steal $50 million USDC and change most to 17,696 ETH for average price $2,798. When ETH jump pass $3,400, their load jump to $59 million, make like $10 million profit.
For July 17, 2025, di linked wallet waka again, move 4,770 ETH (~$16 million). PeckShieldAlert talk say 3,000 ETH waka via Tornado Cash and 1,770 ETH swap for $5.9 million DAI—clear ETH dump. Di wallet still hold about $38 million ETH, meaning say more liquidations dey come.
Infini 20% bounty and no-law action offer no find recoveries. Di matter show say smart contract admin risk still dey and na one of di biggest crypto exploits for 2025. Traders suppose ready for bearish pressure for ETH price as more sell-offs dey come.
Bearish
For short term, the movement and dumping of 4,770 ETH plus di hacker remaining $38 M worth ETH dey create big supply pressure, wey fit make ETH price waka down. From history, big big liquidations dey cause more wahala for price and e dey go down. For long term, di recurring Infini hacks show say di smart contract admin still get plenty weak points, fit make investors lose confidence and e go block price recovery. So, di overall impact on ETH na bearish.