As a long-term crypto investor with over a decade of experience in this dynamic and often volatile market, I find myself closely monitoring the recent developments surrounding the WazirX exchange hack and its impact on various tokens. The news that the suspected North Korean hacking group has sold a significant portion of the stolen assets, particularly on Uniswap, is disconcerting.
A new findings from a recent investigation disclose that the perpetrator of the WazirX exchange breach has offloaded a significant amount of pilfered digital assets, resulting in noticeable fluctuations in various cryptocurrencies’ prices.
As a blockchain analysis expert, I’ve recently come across some intriguing findings from Nansen’s latest tweet. It appears that a suspected North Korean hacking group has emerged as the leading seller of various tokens on Uniswap.
During the last seven days, a hacker successfully disposed of UNIswap tokens valued at $859,514, sold off $2.77 million in Chainlink tokens, and unloaded $1.6 million worth of The Sandbox tokens.
.@WazirXIndia exploiter top seller of UNI 👀 — Alex Svanevik 🐧 (@ASvanevik) July 22, 2024
After significant drops in value, LINK now costs $14.16 on CoinMarketCap, representing a 1.56% decrease over the last week. SAND is priced at $0.3371 and has dropped by 0.4% within the same timeframe. UNI, meanwhile, is trading at $7.91 following a 7% price drop during this period.
Push Protocol’s (PUSH) token, which has a modest market value of $6 million, experienced the most substantial repercussions. In just one day, a hacker disposed of approximately $529,167 worth of these tokens. As a result, the token’s price plummeted by nearly 40% within a 24-hour period, reaching its lowest point at $0.08022. It then bounced back slightly to $0.1071.
Nansen estimated that approximately $5 million in funds are left in the hacker’s digital wallet, with a significant portion held in Celer Network (CELR), Ooki (OOKI), and Frontier (FRONT) tokens.
To address the recent security incident and retrieve the misappropriated funds, as well as identify the perpetrators, WazirX has initiated a bounty scheme with a three-month duration. Rewards worth up to an impressive $23 million are available for individuals who successfully contribute to this endeavor.
The CEO of WazirX, Nischal Shetty, announced that the exchange is working closely with more than 500 other cryptocurrency platforms to prevent transactions from the stolen funds’ associated wallet addresses.
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2024-07-23 02:28