Altcoins
WazirX Hacker Converts All Other Altcoins to Ethereum. Is ETF Bulls at Stake?
According to the latest on-chain data, the WazirX hacker has converted all stolen altcoins into Ethereum (ETH). The hacker now reportedly holds more than $201 million in Ethereum after the recent swap. This development coincides with the planned launch of the Ethereum spot ETF in just four days.
WazirX Hacker Trades Alts for Ethereum
On-chain data provider Spot on Chain reported that total Ethereum holdings as of WazirX Exploiter rose to 59,097 ETH, worth $201 million. This includes:
- 15,298 ETH ($52 million) stolen directly from the exchange.
- 43,799 ETH ($149 million) obtained by liquidating various assets, specifically 5.43 trillion SHIB ($90.2 million), 20.5 million MATIC ($10.2 million), and 640.27 billion PEPE ($7.48 million).
According to Spot on Chain, the exploited has not made any further moves with these ETH holdings. Interestingly, the exploiter still holds $12-$15 million worth of other altcoins including CHR, CELR, OOKI, and FRONT.
🔴 The total $ETH detention of #WazirX exploiter rose to 59,097 $ETH ($201 million)!
Among these tokens:
➡️ 15,298 $ETH ($52 million) was stolen directly from the stock exchange;
➡️ 43,799 $ETH ($149 million) was acquired through the sale of various assets, most notably 5.43T $SHIBI($90.2 million), $20.5 million $MATIC ($10.2 million),… Italian: https://t.co/v1sGzL6m7r photo.twitter.com/x23kGBsqyd
— Spot on the Chain (@spotonchain) July 19, 2024
It looks like the WazirX hacker is also targeting the next one Ethereum Price rally as spot Ether ETFs go live for trading next week. While the rest of the altcoins saw a major price correction after the exploit, Ethereum remained stable trading around $3,420.
On Thursday, Shiba Inu crashed over 10% amid massive sales from the hacker.
Read also: Over 5 Tln SHIBs Discharged From Indian Stock Exchange During Hack
Ethereum Price Action Coming Soon
Ethereum investors remain quite excited ahead of the approval of the Spot Ethereum ETFs scheduled for next week. Over the past week, ETH has already gained 10% amid the broader market rally, reaching $3,500. Market analysts expect ETH to rise to $4,000 and beyond in the weeks following the ETF launch.
The technical chart setup for Ethereum also looks bullish at this stage. According to analyst Income Sharks, ETH may see a small pullback to retest the trend line before resuming a strong uptrend ahead.
$ETH – Looks good. It could have been the end of the pullback or we could still go lower and it would still be bullish. Finally the double supertrends have turned bullish and OBV is close to giving the official start signal. photo.twitter.com/Nnekh4TKVP
— IncomeSharks (@IncomeSharks) July 18, 2024
Read also: Is the Ethereum ETF Launch “Sell The News” Event Similar to the Bitcoin ETF?