Unlike other altcoins, market sentiment around Ethereum remains on a high ahead of the looming ETF launch.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
3 mins read
The latest moves from the WazirX hacker, who was responsible for a recent exploit, suggest that he has converted all stolen altcoins into Ethereum (ETH). This development comes amid growing anticipation for the launch of a spot Ethereum ETF, expected to begin trading in just a matter of three days.
According to data provided by on-chain analytics firm SpotonChain, the hacker’s total Ethereum holdings now stand at 59,097 ETH. By current prices, that translates to approximately $201 million.
Interestingly, of the total ETH amassed by the hacker, only 15,298 ETH ($52 million) was directly obtained from the exchange’s breach. The remaining 43,799 ETH ($149 million) were liquidated from various assets.
In more detail, the WazirX hacker liquidated 5.43 trillion SHIB ($90.2 million), 20.5 million MATIC ($10.2 million), and 640.27 billion PEPE ($7.48 million).
Meanwhile, despite the seemingly strategic accumulation of ETH by the hacker, it might appear that the bad actor is not putting all the eggs in one basket. Notably, a portion of the stolen funds, approximately $12-$15 million worth of other altcoins such as CHR, CELR, OOKI, and FRONT, remains in the hacker’s possession.
The hacker’s decision to convert his loot to ETH is nothing but a strategic move. That is especially true considering that it comes at a time like this when there is an ongoing market volatility that has particularly affected altcoins like Shiba Inu. For context, SHIB recently lost 10% of its value after seeing massive selling pressure following the hacker’s activities.
Unlike other altcoins, market sentiment around Ethereum remains high ahead of the looming ETF launch.
These expectations have also seen Ethereum’s price maintain such an uncommon resilience amid broader market corrections. ETH appears to have stabilized at around $3,400.
As of publication, ETH was already posting 0.24% gains in the past 24 hours. However, analysts and market observers are even more optimistic about Ethereum’s price action in the near future. First off, the upcoming launch of the spot Ethereum ETF is widely expected to inject further liquidity and investor interest into the market. Besides, Ethereum has already begun demonstrating signs of good times by registering an 11% increase over the past week amid broader market recovery efforts.
As it stands, predictions place ETH’s gains to potentially surpass $4,000 post-ETF launch. So, it might be safe to say that converting the altcoins into Ethereum was a calculated bet on Ethereum’s future price trajectory by the WazirX hacker.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
