4,920 ETH Mysterious Outflow: Are Large Holders Clearing Out or Hackers Causing Chaos?

On-Chain Data Monitoring Platform Lookonchain Recently Discovered a Suspicious Transfer: Three newly created wallet addresses withdrew 4,920 ETH from the privacy mixer Tornado.Cash, then sold all of them at an average price of approximately $3,302, totaling about $16.25 million.

This transaction has attracted industry attention because on-chain footprints point to HEX and PulseChain founder Richard Heart. According to monitoring data, Richard Heart accumulated 162,937 ETH earlier this year at an average price of $3,800, totaling approximately $619 million. Notably, this large holding was transferred to Tornado.Cash for privacy two days ago.

However, whether the recent concentrated sale of 4,920 ETH originates from Richard Heart’s own funds or if the holdings were hacked remains uncertain. Industry analysts point out that privacy processing of funds through Tornado.Cash has become a common method for large holders, but it also increases the difficulty of tracking. Based on the timing and scale, this transaction is related to Richard Heart’s previous large ETH accumulation, but whether it was an active rebalancing or passive theft requires further on-chain evidence.

Currently, Ethereum’s price is fluctuating around $3.31K, and participants across the ecosystem are paying close attention to the follow-up developments of this event.