WazirX Hacker Converts All Other Altcoins to Ethereum, ETF Bullishness In Play?

As per the most recent on-chain information, it seems that the WazirX hacker has transformed the entire stolen altcoins into Ethereum (ETH). This improvement comes simply because the spot Ethereum ETF is probably going to go stay 4 days from now.

WazirX Hacker Swaps Alts for Ethereum

On-chain information supplier Spot on Chain reported that the full Ethereum holdings of the WazirX exploiter have surged to 59,097 ETH, valued at $201 million. This consists of:

• 15,298 ETH ($52 million) stolen instantly from the trade.
• 43,799 ETH ($149 million) obtained by liquidating varied belongings, notably 5.43 trillion SHIB ($90.2 million), 20.5 million MATIC ($10.2 million), and 640.27 billion PEPE ($7.48 million).

As per Spot on Chain, the exploited hasn’t made any additional strikes with these ETH holdings. Interstingly, the exploiter nonetheless holds $12-$15 million price of different altcoins together with CHR, CELR, OOKI, and FRONT.

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

Among these tokens:
➡️ 15,298 $ETH ($52M) was stolen instantly from the trade;
➡️ 43,799 $ETH ($149M) was acquired by dumping varied belongings, 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

It appears that the WazirX hacker can also be betting on the upcoming Ethereum price rally because the spot Ether ETFs will go stay for buying and selling subsequent week. While the remainder of the altcoins noticed a significant worth correction after the exploit, Ethereum has remained secure buying and selling round $3,400.

On Thursday, Shiba Inu crashed greater than 10% amid the huge promoting coming from the hacker.

Also Read: Over 5 Tln SHIB Sacked From Indian Exchange Amid Hack

Ethereum Price Action Ahead

The Ethereum traders stay fairly excited earlier than the approval of the spot Ethereum ETF scheduled subsequent week. Over the final week, the ETH worth has already surged by 10% amid the broader market restoration taking pictures all the best way to $3,500. Market analysts are predicting ETH to rally to $4,000 and past within the weeks following the ETF launch.

The technical chart setup for Ethereum additionally seems bullish at this stage. As per analyst Income Sharks, ETH can see a minor pullback to retest the trendline earlier than resuming a robust uptrend forward.

$ETH – Looking good. That may have been it for the pullback or we may nonetheless go decrease and that’d nonetheless be bullish. Finally have the double supertrends flipped bullish and OBV is shut to giving the official ship off sign. pic.twitter.com/Nnekh4TKVP

— IncomeSharks (@IncomeSharks) July 18, 2024

Also Read: Is Ethereum ETF Launch “Sell The News” Event Like Bitcoin ETF?

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Bhushan is a FinTech fanatic and holds an excellent aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is repeatedly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and typically discover his culinary expertise.

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