• Hackers dumped 27.5 million worth of Ethereum in exchange for DAI. 
  • Ether is trading at $1,906 with a 6% drop in the last 24 hours. 

On-chain analysts have always been super active in the crypto industry. For a market that operates 24/7/365, on-chain trackers are more than necessary to keep on eye on unusual transactions. Recently, two prominent on-chain tracking platforms found an unusual activity regarding Ethereum dumping. 

Hackers are dumping $ETH !

2 new wallets(likely related to hackers) received 14,064 $ETH from #THORChain and #Chainflip , then dumped for 27.5M $DAI at an average selling price of $1,956. https://t.co/hSP1PRGpuL https://t.co/6axvL6d7Dg pic.twitter.com/7RoYCGMdWD

— Lookonchain (@lookonchain) March 28, 2025

As per the latest update from renowned on-chain analyst, Lookonchain, 2 new wallets dumped 14,064 Ether tokens. They received 27.5 million worth of DAI tokens in exchange for selling ETH at an average price of $1,956. 

What made the tracker suspicious of the transactions is that they had just received these Ether tokens from THORChain and Chainflip. While another on-chain tracker, Spot On Chain , raised a suspicion saying, “Coincidence or laundering?” Whereas Lookonchain predicted that the two wallets belong to hackers. 

How did the Ether price impact?

Hackers Dump Ethereum, How Does it Impact ETH Market Price? image 0 Ether Price (Source: CoinMarketCap )

Ether price is trading at $1,895 with more than a 6% drop in the last 24 hours, at press time. The token was trading slightly above the $2,000 price level yesterday and lost that support. Its chart clearly shows a sharp price drop in the Asian morning hours, which plunged the ETH price from $2,003 to $1,913. 

The Ether price drop might have something to do with the dumping of hackers. However, the broader crypto market is also witnessing a drop in its volume today. While Bitcoin is down by 2.27%, overall market cap dropped around 3%. 

Ethereum has been on a disappointing downtrend for the past few months. During the short bull run at the end of 2024, Ether witnessed gains but failed to record a new ATH value. Meanwhile, on-chain development and upgrades are also slowing down the network.

Ether recorded an all-time low value of daily burn rate last week, as per TheBlock statistics. This demonstrates the decrease in on-chain activity. On the other hand, exchange reserves of Ethereum also hit a yearly-low value last week. Whether Ether affirms its position as the second-largest cryptocurrency or loses its position to other blockchain platforms remains a question. 

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