The Step Finance hacker dumped 261,933 SOL in a single batch on July 5, cashing out approximately $21.4 million, and then cross-chained it into 12,128 ETH.

This funds came from the 2022 attack on Step Finance, and the address only became active again after lying dormant for about 5 months. On-chain analysis shows that the funds were ultimately deposited into Tornado Cash, a privacy coin-mixing protocol on Ethereum.
In other words, security vulnerabilities from years ago are still "bleeding" on-chain today, and in the form of a cross-chain + privacy protocol combo. Even though Tornado Cash has been sanctioned, the hacker still uses it as a money laundering tool.
For the market, it's hard to directly conclude the short-term price impact of such events, but it serves as a clear reminder: the game of DeFi projects' security technical debt, cross-chain fund flows, and privacy compliance is far from over.