As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market manipulations and hacks. However, the recent news that the WazirX hacker has sold all their ill-gotten SHIB tokens doesn’t faze me as much as it once would have.
Based on new information from Arkham Intelligence, the cybercriminal responsible for breaching the WazirX platform has reportedly disposed of all their acquired Shiba Inu (SHIB) coins.
The unscrupulous individual disposed of their stolen SHIB tokens, netting them approximately $92 million in Ethereum (26,535 ETH) based on current market values.
The SHIB token has rallied more than 3% on the news, according to CoinGecko data.
Today, the value of the meme coin took a significant hit, decreasing in price. This price drop was likely influenced by the hack on WazirX, during which approximately $235 million in digital assets were stolen. Shib made up nearly half of the stolen amount.
In addition to SHIB, the hacker made off with coins like Ethereum (ETH), Floki (FLOKI), and Polygon (MATIC) during the breach.
Not that serious?
Despite the approximately 10% decrease in SHIB‘s price due to the hack, the decline wasn’t as drastic as might have been anticipated.
As an analyst, I’d interpret the data from Lookonchain this way: I noticed that market makers like Wintermute acquired the token from a decentralized exchange and subsequently transferred it to popular exchanges with the intention of capitalizing on price discrepancies between these platforms through arbitrage transactions.
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2024-07-18 18:22