The blockchain security company PeckShield reports that addresses known as Bitrue Exploiters have exchanged approximately 150 billion Shiba Inu (SHIB) and 756 million Holochain (HOT) tokens for around 1,500 Ethereum (ETH). A substantial portion of the 1,050 ETH that was transferred after this exchange was quickly moved to TornadoCash, a well-known cryptocurrency mixer for its ability to obscure transaction histories.
Currently, hackers still hold 5,111 ETH and approximately 16 million DAI for a total of nearly $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 approximately $23 million. The consequences are causing a stir once again and may lead to disruptions in related markets.
The enormous amount of Shiba Inu tokens involved is the primary concern for investors. A sale of this size — 150 billion SHIB tokens — can exert significant selling pressure on the asset's price, diminishing market sentiment and increasing volatility. Recent market activity for SHIB has already shown strain, wobbling around significant technical resistances such as the 100-day EMA, suggesting susceptibility to bearish pressure. The massive movement of tokens by hackers adds to the market's trepidation and uncertainty.
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Investor panic could result particularly if more of these tokens are quickly liquidated, pushing SHIB into a downward spiral and creating downward price momentum. The implications for Shiba Inu in the future will largely depend on investor confidence and market response. This could lead to only short-term volatility if SHIB holders remain calm and market sentiment stabilizes.
However, a long-term downward trend could result from further liquidations or persistent selling by hackers. The full effects of this token exchange may become evident in the coming days, so investors are urged to stay alert and closely monitor market developments and blockchain security alerts.
