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 all the stolen altcoins into Ethereum (ETH). This growth comes simply because the spot Ethereum ETF is more likely to go reside 4 days from now.

WazirX Hacker Swaps Alts for Ethereum

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

• 15,298 ETH ($52 million) stolen straight from the change.
• 43,799 ETH ($149 million) obtained by liquidating varied property, 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 entire $ETH holding of #WazirX exploiter has risen to 59,097 $ETH ($201M)!

Amongst these tokens:
➡️ 15,298 $ETH ($52M) was stolen straight from the change;
➡️ 43,799 $ETH ($149M) was acquired by dumping varied property, 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 evidently the WazirX hacker can also be betting on the upcoming Ethereum price rally because the spot Ether ETFs will go reside for buying and selling subsequent week. Whereas the remainder of the altcoins noticed a serious value correction after the exploit, Ethereum has remained secure buying and selling round $3,400.

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

Additionally Learn: Over 5 Tln SHIB Sacked From Indian Exchange Amid Hack

Ethereum Worth Motion Forward

The Ethereum traders stay fairly excited earlier than the approval of the spot Ethereum ETF scheduled subsequent week. During the last week, the ETH value 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 appears bullish at this stage. As per analyst Revenue Sharks, ETH can see a minor pullback to retest the trendline earlier than resuming a robust uptrend forward.

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

— IncomeSharks (@IncomeSharks) July 18, 2024

Additionally Learn: Is Ethereum ETF Launch “Sell The News” Event Like Bitcoin ETF?

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

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