SHIB Price Surges as WarizX Hacker Sells All Tokens

According to a recent update from Arkham Intelligence, the hacker who successfully attacked the WazirX exchange has already sold off all of their Shiba Inu (SHIB) tokens.

The bad actor sold the ill-gotten SHIB tokens for 26,535 ETH (or roughly $92 million at current prices).

The SHIB token has rallied more than 3% on the news, according to CoinGecko data.

Earlier today, the meme coin experienced a substantial price drop following the WazirX hack. SHIB accounted for almost half of the $235 million worth of digital assets that were stolen from the exchange earlier today from the embattled Indian exchange.

Apart from SHIB, the hacker also stole such coins as Ethereum (ETH), Floki (FLOKI), and Polygon (MATIC).

Not that serious?

Even though the price of SHIB did drop by roughly 10% as a result of the hack, the drop was not as severe as one would expect.

According to Lookonchain, this can be explained by the fact that market makers such as Wintermute bought the token from a decentralized exchange and deposited it to exchanges in order to sell the token for arbitrage.

Source