Ethereum users noticed over 500 wallets were drained in the past 24 hours

On-chain investigators report an active exploit that drained hundreds of Ethereum wallets — many dormant for 4–14 years — sweeping over 500 addresses and extracting roughly $800K in various assets. The attacker aggregated funds (including 324.741 ETH bridged via ThorChain and about 9.56 BTC swaps), mixed proceeds into privacy coins like XMR and moved assets across chains, complicating recovery. Market impact is primarily reputational: the incident undermines trust in Ethereum wallets and DeFi tooling, risks short-term selling pressure on ETH, and could slow institutional appetite for large-scale Ethereum adoption or ETF-related flows. Users are advised to move funds to freshly generated keys; regulators and on-chain analysts will likely scrutinize vector and custody practices.