News
Public · Published
The #Bitget hacker, who stole $351.6M, is now swapping $ETH for $BTC through #THORChain.
A hacker who stole $351.6 million from Bitget is now swapping Ethereum, or ETH, for Bitcoin, or BTC, using THORChain, a cross-chain exchange service, according to the post.
Published:
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What happened
A hacker who stole $351.6 million from Bitget is now swapping Ethereum, or ETH, for Bitcoin, or BTC, using THORChain, a cross-chain exchange service, according to the post.
Confirmed
Global impact / market context
Moving stolen funds from ETH into BTC through THORChain changes which blockchain holds the money, which can complicate tracing. Large ETH sales could weigh on Ether's price while creating Bitcoin buying support, potentially shifting investor positioning between the two largest crypto assets.
Analyst inference
The post only states the swaps are happening, so the total amount moved and any market effect remain unknown. Large cross-chain swaps can influence trader behavior, but without confirmed amounts, direction, or timing, predicting price impact stays speculative.
Analyst inference
What to watch
- The hacker is swapping ETH for BTC through THORChain, so watching whether these swaps continue or stop shows if the stolen funds are still being moved. Confirmed
- Exchanges and blockchain analysts could flag THORChain-linked addresses to freeze or trace funds, which may slow the hacker's ability to convert stolen crypto. Proposed
- If large ETH sales hit the market, Ether's price may fall versus Bitcoin, but without confirmed amounts this outcome is only a possible scenario for investors to weigh. Analyst inference
Affected assets
- ETH — Ethereum
- BTC — Bitcoin