The WazirX hacker has converted all stolen altcoins into Ethereum (ETH) just days before the launch of the spot Ethereum ETF. This strategic move has increased the hacker’s total Ethereum holdings to 59,097 ETH, valued at $201 million.
Spot on Chain reports that the hacker acquired 15,298 ETH directly from the exchange and 43,799 ETH by liquidating large amounts of SHIB, MATIC, and PEPE tokens. Interestingly, the hacker still holds $12-$15 million worth of other altcoins, including CHR, CELR, OOKI, and FRONT.
This conversion to Ethereum comes as the market anticipates a bullish trend with the upcoming Ethereum ETF launch. Ethereum’s price has remained stable around $3,400 despite the broader market corrections.
Market analysts predict that the ETF launch could push Ethereum’s price to $4,000 and beyond. The technical charts also support a bullish outlook for Ethereum, suggesting a strong uptrend ahead.
This event underscores the strategic importance of Ethereum within the cryptocurrency market and highlights potential shifts in investor sentiment due to new financial products like the Ethereum ETF.
