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Blockchain security company PeckShield reports that addresses known as Bitrue Exploiters have exchanged roughly 150 billion Shiba Inu (SHIB) and 756 million Holochain (HOT) tokens for about 1,500 Ethereum (ETH). A substantial portion of the 1,050 ETH that was transferred after this exchange was promptly transferred into TornadoCash, a well-known cryptocurrency mixer that is known for its ability to hide transaction histories.
Currently the hackers still hold 5,111 ETH and roughly 16 million DAI for a total of almost $25.5 million. The cryptocurrency trading platform Bitrue was the victim of a cyberattack in 2023, which is directly related to the current situation. The attack caused a significant financial loss of about $23 million. The consequences are currently causing a stir once again and may lead to disruptions in related markets.
The enormous amount of Shiba Inu tokens involved is the investor's first worry. A sell-off of this size — 150 billion SHIB tokens — can put significant selling pressure on the asset's price, lowering market sentiment and raising volatility. Recent market activity for SHIB has already displayed strain, stumbling around significant technical resistances like the 100-day EMA, suggesting susceptibility to bearish pressure. Hackers' massive token movement adds to market trepidation and uncertainty.
Alex DovbnyaInvestor panic could result particularly if more of these tokens are quickly liquidated, which would push SHIB into a bearish spiral and create downward price momentum. The implications for Shiba Inu in the future will mostly rely on investor confidence and market response. This might only lead to short-term volatility if SHIB holders maintain their composure and market sentiment levels out.
Nevertheless, a longer-term downward trend might result from more liquidations or persistent hacker sell-offs. The full effects of this token swap might become apparent in the days ahead, so investors are urged to stay alert and keep a close eye on market developments and blockchain security alerts.
Vladislav Sopov
Dan Burgin