WazirX Hacker Converts Altcoins to Ethereum Ahead of ETF Launch

The hacker behind the WazirX security breach has converted all stolen altcoins into Ethereum (ETH). This move comes just as the market anticipates the launch of the spot Ethereum ETF, which is expected to go live in four days.

WazirX Hacker Swaps Altcoins for Ethereum

According to on-chain data from Spot on Chain, the WazirX hacker has amassed a total of 59,097 ETH, valued at approximately $201 million. This significant Ethereum holding includes:

• 15,298 ETH ($52 million) was directly stolen from WazirX.
• 43,799 ETH ($149 million) acquired 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).

Interestingly, the hacker still holds $12-$15 million worth of other altcoins, including CHR, CELR, OOKI, and FRONT. Despite the massive liquidations, Ethereum has remained stable, trading at around $3,400, while other altcoins have experienced significant price drops.

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

Ethereum Price Action and Market Speculation

The cryptocurrency community is abuzz with speculation as the spot Ethereum ETF is set to launch next week. Ethereum’s price has already surged by 10% in anticipation, reaching up to $3,500. Market analysts predict that Ethereum could rally to $4,000 and beyond following the ETF launch.

The technical chart for Ethereum appears bullish, with analysts like Income Sharks suggesting a minor pullback to retest the trendline before continuing its upward trend. This optimistic outlook is bolstered by the stability of Ethereum’s price despite the large-scale liquidations from the hacker.

Key Insights and Future Implications

The hacker’s decision to convert all stolen assets into Ethereum suggests a strategic move to capitalize on the anticipated price rally driven by the ETF launch. This development has not only affected the prices of the liquidated altcoins but also added a layer of complexity to the ongoing investigation into the security breach.

Moreover, the hacker’s remaining holdings in other altcoins highlight the potential for further market disruptions. As the crypto market watches closely, the upcoming days will be crucial in determining the long-term impact of this security breach on both WazirX and the broader cryptocurrency landscape.