WazirX Hacker Scoops Up 43,799 Ethereum While Offloading Other Altcoin

Based on recent on-chain data, the WazirX hacker has converted all the stolen altcoins into Ethereum (ETH). The hacker now holds over $201 million in Ethereum following the recent swap. This significant development aligns with the imminent launch of the spot Ethereum ETF in just four days.

The Overview

According to on-chain data provider Spot on Chain, the total Ethereum holdings of the WazirX exploiter have surged to 59,097 ETH, valued at $201 million. This includes 15,298 ETH ($52 million) directly stolen from the exchange and 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).

🔴 The total $ETH holding of #WazirX exploiter has risen to 59,097 $ETH ($201M)!

Among these tokens:
➡️ 15,298 $ETH ($52M) was stolen directly from the exchange;
➡️ 43,799 $ETH ($149M) was acquired by dumping various assets, notably 5.43T $SHIB ($90.2M), 20.5M $MATIC ($10.2M),… https://t.co/v1sGzL6m7r pic.twitter.com/x23kGBsqyd
— Spot On Chain (@spotonchain) July 19, 2024

The exploiter has not made any further moves with these ETH holdings, and interestingly, still holds $12-$15 million worth of other altcoins including CHR, CELR, OOKI, and FRONT.

It appears that the WazirX hacker is also speculating on the anticipated Ethereum price rally, given the upcoming launch of spot Ether ETFs for trading next week. While the other altcoins experienced a significant price correction following the exploit, Ethereum has remained relatively stable, trading around $3,420.

On Thursday, Shiba Inu experienced a more than 10% decline amid significant selling pressure from the hacker. Ethereum investors are anticipating the approval of the spot Ethereum ETF scheduled for next week. Over the past week, the ETH price has already surged by 10% amid broader market recovery, reaching $3,500. Market analysts are predicting that ETH could rally to $4,000 and beyond in the weeks following the ETF launch.

$ETH – Looking good. That could have been it for the pullback or we could still go lower and that'd still be bullish. Finally have the double supertrends flipped bullish and OBV is close to giving the official send off signal. pic.twitter.com/Nnekh4TKVP
— IncomeSharks (@IncomeSharks) July 18, 2024

The technical chart setup for Ethereum also suggests a bullish outlook at this point. Analysts, like Income Sharks, anticipate that ETH may experience a minor pullback to retest the trendline before resuming a strong uptrend.

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Kayode Oke Michael

Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.

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