WazirX Hacker Converts Stolen Altcoins to Ethereum Ahead of ETH ETF Launch

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As a seasoned crypto investor with a few battle scars from past market volatility, I can’t help but feel a mix of intrigue and caution as I follow the latest developments surrounding the WazirX hacker and Ethereum (ETH). The recent news that the hacker has accumulated a staggering $201 million worth of ETH is nothing short of impressive.

The most recent actions by the WazirX hacker, who orchestrated a recent breach, indicate that he has transformed all stolen altcoins into Ethereum (ETH). This news emerges as excitement builds for the imminent debut of an Ethereum spot ETF, slated to commence trading in approximately three days.

WazirX Hacker Accumulates $201 Million Worth of ETH

Based on the data I’ve analyzed from SpotaChain, a leading on-chain analytics firm, my findings reveal that the hacker currently holds a total of 59,097 Ethereum units. At present market prices, this equates to an impressive value of around $201 million.

Based on my extensive experience in the cryptocurrency realm, I find it intriguing that only a fraction of the hacked Ethereum (ETH) – 15,298 ETH or approximately $52 million – was taken directly from the exchange’s breach. The remaining staggering amount of 43,799 ETH, equivalent to around $149 million, was sourced from liquidating various assets. This situation underscores the need for robust security measures in the crypto space and highlights the importance of tracking the origin and destination of digital assets.

The hacker on WazirX sold off approximately $103.9 million worth of SHIB tokens (amounting to 5.43 trillion units), $10.2 million worth of MATIC tokens (representing 20.5 million units), and $7.48 million worth of PEPE tokens (corresponding to 640.27 billion units).

While the hacker has amassed a significant amount of ETH, it’s important to note that they haven’t transferred all the stolen funds into this cryptocurrency. Intriguingly, around $12-15 million in other altcoins like CHR, CELR, OOKI, and FRONT still remain with the malicious actor.

Market Trend: Bullish Momentum Sets in amid Ongoing Volatility

As a seasoned cybersecurity analyst with years of experience under my belt, I firmly believe that the hacker’s decision to convert his ill-gotten gains into Ethereum (ETH) is a clever tactic. Given the current market conditions, this move holds significant weight. The ongoing volatility in the cryptocurrency market has hit altcoins particularly hard, and Shiba Inu (SHIB) is no exception.

In contrast to other alternative cryptocurrencies, Ethereum’s market enthusiasm hasn’t waned in anticipation of the upcoming ETF debut.

As a researcher studying the cryptocurrency market, I’ve noticed that Ethereum’s price has displayed an unexpected robustness during market corrections. Currently, Ethereum seems to have found a stable point around $3,400.

At the time of writing, Ethereum had seen a 0.24% price rise in the previous 24 hours. However, there’s growing excitement among analysts and market watchers regarding Ethereum’s potential price growth in the coming days. The highly anticipated debut of the Ethereum spot ETF is predicted to bring increased liquidity and investment to the market. Furthermore, Ethereum has shown positive signs with an 11% surge over the past week, coinciding with broader market improvement trends.

Based on current projections, Ethereum’s value could soar past $4,000 following the ETF launch. Therefore, it can be inferred that the WazirX hacker made a well-thought-out move by converting other altcoins into Ethereum, effectively betting on its price increase.

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2024-07-19 11:12