As a seasoned researcher with extensive experience in analyzing blockchain data and cryptocurrency market trends, I find the recent development regarding the WazirX hacker’s conversion of stolen altcoins into Ethereum intriguing. Based on the information provided by Spot on Chain, it appears that the exploiter has amassed a significant amount of Ethereum, worth over $200 million, by liquidating various altcoins and directly stealing ETH from the exchange.
Based on the most recent information from the blockchain, it appears that the thief behind the WazirX heist has transformed all of the pilfered altcoins into Ethereum (ETH). This revelation emerges as the Ethereum Spot ETF is anticipated to debut in approximately four days.
WazirX Hacker Swaps Alts for Ethereum
According to recent reports from on-chain data provider Spot on Chain, the Ethereum hoard of the hacker behind the WazirX incident has significantly grown to approximately 59,097 ETH. This equates to a staggering value of around $201 million.
- 15,298 ETH ($52 million) stolen directly from the exchange.
43,799 ETH ($149 million) obtained by liquidating various assets, notably 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’s report, the individual who was exploited has taken no further action regarding their ETH holdings as of now. It’s worth noting that the person responsible for the exploit continues to possess approximately $12-15 million in other cryptocurrencies such as CHR, CELR, OOKI, and FRONT.
The total $ETH holding of #WazirX exploiter has risen to 59,097 $ETH ($201M)!
In this collection of events:
— Spot On Chain (@spotonchain) July 19, 2024
It appears that the hacker behind the WazirX breach is similarly optimistic about Ethereum’s forthcoming price surge. As opposed to experiencing significant declines like other altcoins post-exploit, Ethereum has remained relatively steady, hovering around $3,400.
On Thursday, Shiba Inu crashed more than 10% amid the massive selling coming from the hacker.
Ethereum Price Action Ahead
Investors in Ethereum are eagerly anticipating the upcoming decision on the approval of a spot Ethereum Exchange-Traded Fund (ETF), set to take place next week. Over the past week, the price of Ethereum has already seen a significant increase of around 10%, reaching a high of $3,500 as the broader market recovers. According to market analysts, if the ETF is launched successfully, the value of Ethereum could potentially rise to $4,000 and even surpass that level in the following weeks.
Based on the current technical analysis of Ethereum’s chart, as evaluated by Income Sharks, there might be a brief dip for Ethereum to revisit its trendline. Following this minor setback, Ethereum is predicted to continue its robust upward trend.
The price of Ethereum, represented by $ETH, appears strong and may have marked the end of the recent pullback. However, there’s a possibility we could still see further decline, which would not negate the bullish outlook. We now have double supertrends indicating an uptrend, while On Balance Volume (OBV) is on the verge of emitting a confirmatory buy signal.
— IncomeSharks (@IncomeSharks) July 18, 2024
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2024-07-19 06:54