Lookonchain
Over 20 hours, 1,670 ETH worth $3.73M left Tornado Cash and was deposited into Hyperliquid, where it was sold to buy 2,959 ZEC worth $3.73M. The tracked wallet was identified as belonging to the hacker.
Why it matters
The movement links a privacy protocol with a crypto trading venue before shifting the wallet from ETH into ZEC. For ETH, the transaction represents a sizable sale. For ZEC, it creates fresh buying demand from a wallet identified with illicit activity, adding complexity to an already difficult tracing task.
Market impact
The immediate read is bearish for ETH because the wallet sold its ETH position, while ZEC benefits from $3.73M in spot purchases. One wallet's rotation does not establish a market-wide trend, but the size of the trade and its Tornado Cash origin make it a closely followed on-chain flow.
Traders will watch whether the ZEC position is held, moved or sold, and whether similar ETH-to-ZEC rotations emerge.
Frequently asked questions
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How much ETH did the hacker-linked wallet sell?
The wallet sold 1,670 ETH worth $3.73M over 20 hours, with the funds leaving Tornado Cash and entering Hyperliquid before the sale.
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How much ZEC was purchased with the ETH proceeds?
The wallet bought 2,959 ZEC worth $3.73M, matching the reported value of the ETH sale.
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Why is the ETH-to-ZEC rotation bearish for ETH?
The transaction creates a sizable ETH sale and visible selling pressure, although one wallet's rotation does not establish a broader market trend.
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Does the transaction reveal the hacker's reason for buying ZEC?
No. The transaction shows the asset rotation and its route through Hyperliquid, but it does not establish the wallet owner's motive.
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What should traders monitor after the $3.73M ZEC purchase?
Key signals include whether the ZEC position is held or moved and whether other wallets begin similar ETH-to-ZEC rotations.
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