Amid the anticipation for the Ethereum ETF launch, the market sentiment around Ethereum remains high, unlike other altcoins. The latest moves by the WazirX hacker, responsible for a recent exploit, indicate a strategic conversion of all stolen altcoins into Ethereum (ETH). This development is timely, with the Ethereum ETF expected to begin trading in just three days.
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WazirX Hacker Amasses $201 Million in Ethereum
According to data from on-chain analytics firm SpotonChain, the hacker now holds 59,097 ETH, valued at approximately $201 million at current prices. Of this total, only 15,298 ETH ($52 million) was directly obtained from the exchange breach, while the remaining 43,799 ETH ($149 million) came from liquidated assets.
The WazirX hacker liquidated:
- 5.43 trillion SHIB ($90.2 million)
- 20.5 million MATIC ($10.2 million)
- 640.27 billion PEPE ($7.48 million)
Despite this strategic accumulation of ETH, the hacker still retains approximately $12-$15 million worth of other altcoins, such as CHR, CELR, OOKI, and FRONT.
Also Read: Crypto Heist: WazirX Loses $235 Million in Massive Hack
Bullish Momentum Amid Market Volatility
The hacker’s conversion to ETH comes at a time of ongoing market volatility, particularly affecting altcoins like Shiba Inu, which recently lost 10% of its value due to massive selling pressure from the hacker’s activities. In contrast, Ethereum’s market sentiment remains strong ahead of the ETF launch, helping ETH maintain resilience amid broader market corrections, stabilizing around $3,400.
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As of now, ETH has posted a 0.24% gain in the past 24 hours. Analysts are optimistic about Ethereum’s near-future price action, with the upcoming Ethereum ETF launch expected to inject further liquidity and investor interest into the market. Ethereum has already shown positive signs with an 11% increase over the past week amid broader market recovery.
Predictions suggest that ETH’s price could potentially surpass $4,000 post-ETF launch, indicating that the hacker’s move to convert altcoins into Ethereum was a calculated bet on Ethereum’s future price trajectory.
 was directly obtained from the exchange’s breach. The remaining 43,799 ETH ($149 million) were liquidated from various assets.){kind=link}