Hackers Manipulate Large-Scale SHIB Sell-off, Market Panic Intensifies, Is the Future of Shiba Inu Worrisome?
The hacker-controlled 'Bitrue Exploiters' address has acted again, exchanging approximately 150 billion SHIB and 756 million HOT for 1,500 ETH, which were then transferred in large amounts to TornadoCash to obscure transaction trails. This move is directly related to the cyber attack that occurred on the Bitrue trading platform in 2023, resulting in a loss of $23 million.
Currently, the hackers still hold 5,111 ETH and 16 million DAI, with a total value close to $25.5 million. The market is concerned that the potential sell-off of 150 billion SHIB could create significant selling pressure, especially as the SHIB price is already facing a technical decline. The large-scale token transfers by hackers may exacerbate market panic and further depress SHIB prices.
If more SHIB is rapidly liquidated, the market could enter panic mode, posing a long-term decline risk for SHIB. The consequences of this incident will severely test investor confidence, and market sentiment may experience drastic fluctuations.
