Blockchain security firm PeckShield has reported that addresses linked to the Bitrue exploiters recently exchanged approximately 150 billion Shiba Inu (SHIB) tokens and 756 million Holochain (HOT) tokens for around 1,500 Ethereum (ETH). Following the swap, hackers swiftly transferred about 1,050 ETH to TornadoCash, a crypto mixer known for concealing transaction histories.
At present, the hackers still control roughly 5,111 ETH and about 16 million DAI, assets totalling close to $25.5 million. This activity directly traces back to the 2023 cyberattack on the cryptocurrency trading platform Bitrue, which resulted in a loss of $23 million. Notably, the repercussions of this breach are once again creating significant unease across the cryptocurrency market.
Source: PeckShield
Market Faces Rising Pressure from SHIB Sell-Off
The sheer volume of Shiba Inu tokens involved has become the primary concern for investors. A sale of 150 billion SHIB tokens can flood the market, exerting intense selling pressure that undermines market sentiment and heightens volatility. SHIB’s recent price performance already shows clear signs of strain.
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The token has struggled to break through major technical resistances, particularly the 100-day Exponential Moving Average (EMA), revealing a vulnerability to bearish forces. Moreover, the hackers’ enormous transfer has only increased market anxiety, with fears of more aggressive selling behavior looming.
Potential Impact on Shiba Inu’s Future
Investor panic could worsen if the hackers decide to liquidate more SHIB tokens quickly. Such actions would likely drive SHIB into a deeper bearish spiral, intensifying downward price momentum. However, if SHIB holders remain calm and the market stabilizes, the impact may only cause short-term volatility.
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Nevertheless, if the hackers continue to sell off assets or if market fear persists, a prolonged downturn could follow. Therefore, it remains crucial for investors to closely monitor the situation.
The full consequences of this large-scale swap will likely unfold in the coming days, emphasizing the importance of staying informed through market updates and blockchain security alerts.
