WazirX Hacker Converts SHIB Coin to Ethereum Amid Major Altcoin Liquidation

• Recent developments reveal that the WazirX hacker has liquidated SHIB Coin, MATIC, and PEPE to accumulate an additional 43,799 ETH.
• This incident underscores the vulnerabilities in crypto exchanges, posing significant challenges to the security infrastructure.
• Spot on Chain reports that the hack has increased the hacker’s ETH holdings to a staggering 59,097 ETH, valued at over $201M.

The WazirX hack leads to massive ETH accumulation, sparking security concerns and market reactions.

WazirX Hacker Liquidates Major Altcoins for Ethereum

In a significant security breach, the WazirX crypto exchange was exploited, resulting in considerable token theft. The hacker has aggressively converted various altcoins into Ethereum (ETH). According to on-chain data from Spot on Chain, the hacker’s Ethereum assets have surged to 59,097 ETH, equivalent to $201M. The conversion included 5.43 trillion SHIB Coin, 20.5 million MATIC, and 640.27 billion PEPE, contributing to this large ETH accumulation.

Security Implications and Market Impact

The breach has highlighted significant weaknesses in the crypto exchange security protocols, prompting calls for tighter regulations and robust security measures. As the hacker’s ETH holdings rise, the market responds with increased volatility. The price of SHIB Coin saw a significant drop, while Ethereum remained relatively stable around $3,420. Industry experts suggest that such events could catalyze further scrutiny and potential reforms within the crypto trading environment.

Whale Activities and Future Outlook for Shiba Inu

Despite a sharp 10% decline following the hacker’s liquidation, Shiba Inu observed notable activity within its ecosystem. Burn rates spiked by 450%, with nearly 50 million tokens moved to inactive addresses, aiming to reduce circulation and potentially boost value. Over 41% of SHIB’s total supply has been burnt, intensifying scarcity which might benefit its long-term valuation.

Shiba Inu Whale Movement and Metrics

Data analysis from IntoTheBlock revealed that large Shiba Inu transactions, exceeding $100,000, surged to nearly $900 million daily, an 1800% rise from the previous week. Additionally, other metrics such as active wallets, new transactions, and smart contract developments have shown positive trends. These indicators suggest a resurgence in interest and investment from significant SHIB holders (whales), which could signal a forthcoming price recovery.

Conclusion

The WazirX hacking incident has brought significant shifts within the cryptocurrency market, particularly affecting Ethereum and Shiba Inu. It serves as a critical reminder of the importance of security in crypto exchanges and the potential market impacts of large-scale cyber incidents. As the industry reacts and adapts, continuous monitoring and improvements to security protocols will be crucial in safeguarding assets and maintaining investor confidence.