Mercado Bitcoin Hacker Just Swapped $10.55M Into ETH — And Arkham Is Watching Every Wallet
The attacker who drained Mercado Bitcoin has already converted stolen tokens into $10.55 million in ETH, according to blockchain intelligence firm Arkham, meaning the funds are liquid, mobile, and potentially one bridge transaction away from disappearing.
Arkham's on-chain trackers flagged $13.26 million leaving wallets labeled to the exploit, while Mercado Bitcoin itself has now revised its blocked-assets estimate upward to $12.9 million. That gap between what the exchange thinks it locked down and what Arkham says actually moved is the number every DeFi watcher should be staring at right now.
Why ETH? The Hacker's Playbook Is Textbook
Converting stolen tokens into ETH is the oldest move in the exploit playbook, and it works. ETH is:
- Deeply liquid across hundreds of DEXs and CEXs - Easy to bridge across chains, complicating tracing - Mixable via Tornado Cash or similar protocols if the attacker wants to go dark
The clock is ticking. Once ETH hits a mixer or crosses to another chain, recovery odds drop close to zero. Mercado Bitcoin is Brazil's largest crypto exchange, which adds regulatory heat, but regulatory heat has never stopped a motivated attacker from moving fast.
The Revised Estimate Is a Red Flag
Mercado Bitcoin raising its blocked-assets figure to $12.9 million mid-incident signals the exchange is still mapping the full damage. Early estimates in exploit situations are almost always low. If Arkham is tracking $13.26 million in outflows and the exchange is now acknowledging $12.9 million blocked, the actual exposure could still shift higher.
This is not a closed incident. This is an active situation with funds already converted and on the move.
What Crypto Holders Should Watch
Watch the ETH wallet Arkham flagged. Any movement, especially toward bridges like Across, Stargate, or Hop, signals the attacker is preparing the next leg. On-chain sleuths on CT will be posting updates in real time.
Watch Mercado Bitcoin's official communications. A third upward revision to their loss estimate would confirm the initial containment failed and could pressure the exchange's liquidity position.
Watch for a Tornado Cash deposit. If those ETH funds hit a mixer, the recovery window closes. That event would likely trigger a sharp negative reaction for any MBT-related assets.
Brazil's crypto market is maturing fast, but this exploit is a reminder that even the biggest regional players are not immune. The next 24 to 48 hours are critical.