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Highlights
- The market remains bullish as the Ethereum ETF launch and the Bitcoin Conference 2024 approach.
- MATIC price approaches the end of a falling wedge ahead of token migration to POL.
- $230 million was stolen during the WazirX hack.
The recent WazirX hack has significantly impacted crypto market prices. According to Coingecko data, the total crypto industry market cap slid 1.3% in the last 24 hours. Interestingly, the WazirX (WRX) token was not among the stolen crypto assets. According to Reuters, the hack brings the total value lost through crypto exploits this year to $1.868 billion. Here is how the general crypto market prices faired after the $235 million exploit.
General Market Relatively Unscathed by WazirX Hack
The general market reacted rather maturely to the hack news, with most crypto assets remaining stable or losing a small percentage of their value. Others, like Dogwifhat (WIF) and Solana (SOL), increased in price. This showcases how the crypto market has evolved to handle such news.
WazirX (WRX) token is among the top losers today on CoinGecko, dropping 9.2% in the last 24 hours. The hack is the second largest this year, following the Japanese DMM Bitcoin exploit that lost $308 million.
The general market remains bullish as the Ethereum ETF launch and the Bitcoin Conference 2024 approach.
Major Coins Remain Relatively Stable
The hacker has consolidated all stolen assets into Ethereum, holding over $201 million. During the WazirX hack, the stolen funds were funneled through Tornado Cash, a decentralized protocol known for enabling private transactions. This move made it significantly harder to trace the origins and destinations of the stolen assets. Fears that an ETH sell-off will upstage the upcoming big week for the asset have flooded the crypto space. Nevertheless, the Ethereum price prediction remains stable at $3,430 and trends in a symmetrical triangle that will likely break out to the upside. Strong support exists at $3,300, coinciding with the 200-day simple moving average.
The Bitcoin price dropped 1.3% in the last 24 hours, likely affected by the news. However, according to Lookonchain, the crypto asset is not on the list of stolen assets.
Update:#WazirX has ~$230M in assets stolen. Including:
5.43T $SHIB($102M)
15,298 $ETH($52.5M)
20.5M $MATIC($11.24M)
640.27B $PEPE($7.6M)
5.79M $USDT
135M $GALA($3.5M)
…‼️Please note that the hacker is selling these assets!https://t.co/1uOozAVeM1 https://t.co/ogtVSFITK9 pic.twitter.com/3vPmxqXwbL
— Lookonchain (@lookonchain) July 18, 2024
Bitcoin price prediction remains bullish, trending above the 21-day and 50-day SMAs. The latter provides support around $62,500, which may be a good price level to bounce off from as the Bitcoin Conference 2024 nears.
Among the top 10 largest crypto assets by market cap, XRP shed the most value, dropping by 4.1% in the last 24 hours. The asset is also not on the list of stolen tokens. Hence, the decline is likely not associated with the exchange hack. Overall, the significant assets held up relatively well against the security breach.
MATIC, PEPE, and SHIB Price Show Resilience After WazirX Hack
Among the stolen crypto assets, Shiba Inu (SHIB), Pepe (PEPE), and Polygon (MATIC) constituted the largest portions. The attacker, who ZachXBT suspects to be the Lazarus Group, dumped $102 million worth of Shiba Inu. SHIB’s price dropped 1.6% in the last 24 hours, showcasing great resilience against the hacker’s sell-off. Despite the decline, Shiba Inu still boasts 6.7% gains over the past week.
Pepe (PEPE) price has been down 5% over the last day but is up 32% in the past week. The hacker stole 640 billion PEPE tokens ($7.6 million), fueling panic among the Pepe community. However, Pepe price action shows relatively strong support around the $0.0000106 (50-SMA) that may hold up the PEPE price should it fall lower.
The hack also resulted in the loss of over $11 million worth of Polygon (MATIC) tokens. In response, MATIC price is down 4.6% over the last 24 hours. Matic price is trending below the 50-day and 200-day SMA and sports a death cross on April 25. However, MATIC’s short-term bearish technicals may be more affected by the incoming migration to POL token on September 4.
Bottom Line
The WazirX hack, which amounts to $230 million, is the second largest in 2024, but market maturity has cushioned most crypto assets against the hack’s impact. The theft has heightened security concerns, possibly leading to decreased investor confidence. Nevertheless, the resilience portrayed by the general crypto market, including affected tokens, highlights the growing maturity of the crypto industry.
Frequently Asked Questions (FAQs)
1. How much was stolen in the WazirX hack?
2. Which assets crypto were stolen during the WazirX attack?
3. Who is behind the WazirX hack?
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