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

full version at coingape

As per the latest on-chain data, it turns out that the WazirX hacker has converted all of the stolen altcoins into Ethereum (ETH). This development comes just as the spot Ethereum ETF is likely to go live four days from now.

WazirX Hacker Swaps Alts for Ethereum

On-chain data provider Spot on Chain reported that 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) 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).

As per Spot on Chain, the exploited hasn’t made any further moves with these ETH holdings. Interstingly, the exploiter still holds $12-$15 million worth of other altcoins including CHR, CELR, OOKI, and FRONT.

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

It seems that the WazirX hacker is also betting on the upcoming Ethereum price rally as the spot Ether ETFs will go live for trading next week. While the rest of the altcoins saw a major price correction after the exploit, Ethereum has remained stable trading around $3,400.

On Thursday, Shiba Inu crashed more than 10% amid the massive selling coming from the hacker.

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

Ethereum Price Action Ahead

The Ethereum investors remain quite excited before the approval of the spot Ethereum ETF scheduled next week. Over the last week, the ETH price has already surged by 10% amid the broader market recovery shooting all the way to $3,500. Market analysts are predicting ETH to rally to $4,000 and beyond in the weeks following the ETF launch.

The technical chart setup for Ethereum also looks bullish at this stage. As per analyst Income Sharks, ETH can see a minor pullback to retest the trendline before resuming a strong uptrend ahead.

$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