Hackers' funds are accelerating "cross-chain wash trading," with both risks and opportunities emerging simultaneously.

Monitoring shows that attackers related to Balancer have started converting ETH to BTC via THORChain, with approximately 14,300 ETH exchanged for 419.3 BTC so far, totaling about $32.51 million.
The latest on-chain asset distribution is as follows:

ETH chain: approximately 7,700 ETH

BTC chain: approximately 419.3 BTC

Total value: approximately $50.4 million

Compared to the asset scale of about $98 million stolen in November 2025, the overall value has significantly shrunk, mainly due to the sharp decline in ETH price from around $3,600 at that time.
From a capital behavior perspective, there are two core signals in this operation:
First is risk transfer:
Exchanging ETH for BTC essentially reduces asset volatility and tracking risk, enhancing the asset's "resistance to freezing."
Second is exit path construction:
Dispersing assets across cross-chain protocols to prepare for subsequent liquidity exit.
But it’s important to note—
When hackers start systematic rebalancing, it often means "selling pressure has not yet ended."
What the market should truly focus on is not how much has already been sold, but "how much remains unsold."
Follow me for continuous tracking of on-chain abnormal funds and potential sources of selling pressure.