Key Points
- The WazirX hacker has reportedly converted all stolen altcoins into Ethereum (ETH).
- The hacker now holds approximately $201 million worth of ETH, ahead of the anticipated launch of an Ethereum ETF.
The individual responsible for the recent WazirX exploit has allegedly converted all the stolen altcoins into Ethereum (ETH).
This move comes as the market eagerly awaits the launch of a spot Ethereum ETF, set to begin trading in just a few days.
Hacker Holds $201 Million in ETH
Data from on-chain analytics firm SpotonChain indicates that the hacker’s total Ethereum holdings are now at 59,097 ETH. At current market rates, this amounts to roughly $201 million.
Interestingly, only 15,298 ETH ($52 million) of the total was directly obtained from the exchange’s breach. The remaining 43,799 ETH ($149 million) were liquidated from various assets.
The hacker reportedly liquidated 5.43 trillion SHIB ($90.2 million), 20.5 million MATIC ($10.2 million), and 640.27 billion PEPE ($7.48 million).
Despite the significant accumulation of ETH, the hacker still retains a portion of the stolen funds, estimated to be worth $12-$15 million in other altcoins such as CHR, CELR, OOKI, and FRONT.
Market Trends Amid Volatility
The decision to convert the stolen assets to ETH appears to be a strategic one, especially given the current market volatility that has notably impacted altcoins like Shiba Inu.
In contrast to other altcoins, market sentiment around Ethereum remains positive ahead of the imminent ETF launch.
This optimism has helped Ethereum’s price maintain stability amid broader market corrections, with ETH currently hovering around $3,400.
At the time of writing, ETH had posted 0.24% gains in the past 24 hours. Analysts and market observers are even more optimistic about Ethereum’s price action in the near future.
The upcoming launch of the spot Ethereum ETF is expected to bring additional liquidity and investor interest to the market. Furthermore, Ethereum has already shown positive signs, registering an 11% increase over the past week amid broader market recovery efforts.
Current predictions suggest that ETH’s gains could potentially exceed $4,000 post-ETF launch. Therefore, it seems that the conversion of the stolen altcoins into Ethereum was a calculated move by the WazirX hacker, betting on Ethereum’s future price trajectory.
