"Hackers are in a frenzy to buy ETH, is the price about to go up?"
Amidst the launch of the spot Ethereum (ETH) ETF expected to take place in just four days, hacker WazirX acted to convert all the stolen altcoins to ETH where he now holds $201 million worth of the digital asset.
By observation, the total ETH holdings of WazirX exploiters have peaked at 59,097 ETH worth $201 million.
Clarified, 15,298 ETH worth $52 million was stolen directly from crypto exchanges then 43,799 ETH worth $149 million was recently obtained through liquidation of various digital assets mainly $90.2 million in Shiba Inu (SHIB), $10.2 million Polygon (MATIC) and $7.48 million Pepe Coin ( PEPE).
Even so, the exploited party did not make any further steps with the ETH holdings and most interestingly, the exploiters still hold other altcoins worth $12 to $15 million including CHR, CELR, OOKI and FRONT.
So here it can be seen that the WazirX hacker is also betting on the upcoming massive increase in ETH price which may be fueled by the ETH ETF spot that will go live next week.
There is no denying that altcoins saw a price correction shortly after the exploit took place, but ETH still managed to trade stable around $3,420 compared to SHIB which experienced a 10% plunge.
According to crypto market analyst Sharks, ETH could see a pullback move first to retest the trend line before the price continues its climb higher up to $4,000.
As of this writing, the price of ETH is down 0.63% at $3,422 in the last 24 hours with a market cap of over $411 billion but is still up 10.96% over the past week.