The recent drop in Ethereum ETH/USD price will have a cascading effect on decentralized finance (DeFi) platforms, as investors are ready to liquidate their ETH holdings In the wake of the FTX FTT/USD fallout.
What Happened: According to TVL aggregator DeFiLama, over 115,500 ETH are ready to be liquidated if the price reaches $718.72. This means $83 million will be liquidated around the $720 mark.
The available data points to DeFi platforms MakerDAO and AAVE as the biggest targets.
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This comes as a whale holding 720,000 ETH, $817 million has woken up after two years of being dormant, according to an on-chain analytics report by Lookonchain.
On Monday, the hacker moved over 180,000 Ethereum to 12 new wallets, evenly distributing 15,000 ETH to each wallet, data from Etherscan showed. The hacker behind the FTX exploit has been spotted yet again trying to move the funds to several wallets, in the hopes of liquidating them.
Price Action: At the time of writing, ETH was trading at $1,100, down 1.81% in the last 24 hours, according to Benzinga Pro.
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