Mercado Bitcoin Hack: $8M in ETH Moved as Funds Are Frozen

| bitcoinist.com
Wallets linked to the Mercado Bitcoin hack moved about $8 million in Ethereum (ETH) to new addresses, adding a new development to the investigation into the November 2 exchange breach. Reports put the stolen assets at $46 million to $49 million. Investigators have not confirmed whether the ETH was sent to Tornado Cash, a mixer that could make tracking harder. Investigators, Mercado Bitcoin, law enforcement and crypto companies have helped freeze nearly $10 million in stolen assets. Tether restricted more than $9 million, but frozen funds have not necessarily been recovered or returned to victims. The attacker may still control a portfolio estimated at about $46 million, including PEPE, AAVE, PENDLE, VIRTUAL, UNI and ONDO, and has reportedly made hundreds of token swaps. Lookonchain warned that possible sales could pressure some of these tokens. Mercado Bitcoin temporarily suspended deposits and withdrawals after the breach, then said it had contained the incident and that customers were not harmed and their data was not breached. Further transfers, token sales or freezes could affect liquidity in specific assets, but a broader market impact remains uncertain. The Mercado Bitcoin hack also renews concerns about centralized exchange security.
Bearish
The direct price impact on ETH is bearish in the short term: the attacker’s transfer of about $8 million in ETH raises the risk of further movement or eventual selling, while uncertainty about possible use of Tornado Cash may heighten market caution. However, no mixer deposit or ETH sale has been confirmed, so the transfer alone does not establish immediate sell pressure. Freezes of nearly $10 million in stolen assets may limit some liquidation risk, but they do not guarantee recovery. Over the longer term, the incident is more clearly a negative security signal for Mercado Bitcoin and potentially the exchange sector than a fundamental change to ETH. As a result, any effect on ETH may be limited unless more transfers or sales are confirmed; broader price action and liquidity conditions will also matter.