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

According to the information in the blockchain, all the altcoins that were stolen by the hacker known as WazirX were changed to Ethereum (ETH) which totalled up to 59,097 ETH valued at approximately $201 million. 

Another 43,799 ETH was received by the WazirX hacker through selling out SHIB, MATIC plus PEPE. 

Paired alongside CHR, CELR, OOKI or even FRONT, among others, the hacker still has $12-$15 million worth of alternative coins. This indicates that the hacker is holding Ether until there is a boost following approval for an Ethereum ETF.”

According to the most recent on-chain information, the accused WazirX fraudster has liquidated the newly mentioned different altcoins into Ethereum (ETH). This development comes at a time when the spot Ethereum ETF appears set to launch four days from now.

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The WazirX Hacker Trades the Received Alts to Ethereum

On-chain scrutinizing platform Spot on Chain found out that the WazirX exploiter has accumulated 59,097 ETH worth $201 million. This includes:

• Hackers took 15,298 Ether, equivalent to $52 million, directly through the exchange.
• 43,799 ETH ($149 million) acquired through selling multiple forms of assets, mainly 5 billion SHIB ($90.2 million), 20. 4.5 million MATIC ($9,000,002) and 626 Intellis. 27 billion PEPE ($7.48 million) for the cumulative book value of investments.

According to data from Spot on Chain, the exploit has not made any additional in-and-out movements with those ETH tokens. Now, to the last point, it is curious that the exploiter controlled $12-$15 million worth of other altcoins – CHR, CELR, OOKI, and FRONT.

As we can see, the hacker behind WazirX shares a similarly bullish outlook on the Ethereum price with the upcoming launch of spot Ether ETFs for trading next week. The rest of the altcoins also experienced drastic drops in price to new lows after the exploit platform but Ethereum is still trading at around $3,400.

Shiba Inu’s value dropped over 10% on Thursday due to significant selling pressure caused by a hacker.

Ethereum Price Action Ahead

The recent 10% rise in ETH price reflects Ethereum investors’ optimism for next week’s potential approval of the spot Ethereum ETF by regulators, as the market recovery pushed prices as high as $3,500. So market experts expect ETH to shoot to $4,000 and above in the weeks after the launch of the ETF.

technical indicators of Ethereum also appear to be bullish at this stage of chart preparation. ETH might retrace to test the trendline before a bullish run alongside the analyst and Income Sharks.