Lookonchain
The wallet tied to the Step Finance exploit has resurfaced after roughly five months of dormancy, selling 261,933 $SOL worth about $21.4 million, bridging the proceeds to Ethereum, and converting the lot into 12,128 $ETH before routing everything through Tornado Cash.
Why it matters
The pattern is consistent with how large crypto exploiters typically clean up: swap the native asset on the chain where the theft occurred, bridge to the chain with the deepest liquidity, and tumble before any on-chain link back to the original victim wallet can be drawn. Tornado Cash remains under OFAC sanctions, so flows into it continue to draw compliance attention even when the underlying exploit is months old.
Market impact
A 261,933 $SOL sell into a still-thin SOL order book is enough to pressure short-term pricing, regardless of who is on the other side. The follow-through into ETH and a mixer suggests the exploiter is treating this as the final unwind of the position rather than rotating back into risk, which is bearish for SOL until the wallet goes quiet again.
Frequently asked questions
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Who is the Step Finance exploiter?
The wallet address tied to the 2024 Step Finance exploit, which had remained dormant for roughly five months before resurfacing to liquidate its holdings.
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How much $SOL did the exploiter sell?
261,933 $SOL, worth about $21.4 million at the time of the sale, representing the full remaining balance from the original exploit.
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Where did the funds go after the $SOL sale?
The proceeds were bridged to Ethereum, swapped for 12,128 $ETH, and deposited into Tornado Cash to launder the funds.
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Why is Tornado Cash significant in this flow?
Tornado Cash remains under OFAC sanctions, and any inflow into the mixer draws compliance scrutiny and creates a fresh anchor for tracing the stolen assets.
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What does this mean for $SOL price?
A 261,933 $SOL sale is real spot sell pressure on a relatively thin order book, and the lack of any rotation back into risk is a soft bearish signal for $SOL until the wallet goes quiet again.
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