WazirX Hacker Liquidates Stolen Funds, Impacting Crypto Prices
The entity responsible for the WazirX exploit has been busy cashing out their ill-gotten gains, causing ripples in the crypto market.
Blockchain analytics firm Nansen has identified the hacker’s address and tracked their movements. According to Nansen, the hacker, suspected to be a North Korean group, has become the top seller of Uniswap (UNI), Chainlink (LINK), and The Sandbox (SAND). The hacker sold over $859,514 worth of UNI, $2.77 million of LINK, and $1.6 million of SAND in the last seven days.
However, the impact of the sales has varied across different cryptocurrencies. While Chainlink and The Sandbox have remained relatively stable, with gains over the past week, Uniswap has been trading in the red.
Push Protocol (PUSH) has been hit the hardest, dropping 24% over the last seven days and 32% in the last 24 hours. This significant drop is attributed to the hacker’s sale of $529,167 worth of PUSH, which represents 100% of the token’s reserve. Nansen highlights that PUSH’s low liquidity makes it particularly vulnerable to price fluctuations caused by large sell-offs.
The varying impacts of the hacker’s sales underscore the importance of liquidity in the cryptocurrency market. Tokens with lower liquidity, such as PUSH, are more susceptible to price volatility, especially when faced with large sell-off pressures.
