150,000,000,000 Shiba inu (Shib) exchanged by hackers: What happened?

The address known as Bitrue Exploiters has exchanged 756 million Holochain (Hot) tokens with approximately 150 billion Shiba Inu (Shib) for around 1,500 Ethereum (ETH), reports a blockchain security company Peckshield report. A significant portion of the 1,050 ETH transferred after this exchange was immediately transferred to Tornadocash, a well-known cryptocurrency mixer known for its ability to hide transaction history.

Currently, the hackers have 5,111 ETH and about 16 million DAIs, totaling nearly $25.5 million. The cryptocurrency trading platform Bitrue was the victim of the 2023 cyberattack and is directly related to the current situation. The attack caused a significant financial loss of approximately $23 million. The results are now once again causing upsetting, potentially leading to associated market disruptions.

The vast amount of Shiba Inu tokens involved are the first concern for investors. A sale of this size (150 billion SHIV tokens) can put a lot of sales pressure on the price of assets, reduce market sentiment and increase volatility. SHIB’s recent market activity has already shown tension, stumbling over important technical resistances like the 100-day EMA, suggesting bear pressure sensitivity. The massive token movement of hackers adds to market fear and uncertainty.

Investor panic can occur, especially when many of these tokens are liquidated quickly, which forces Shiv into a bearish spiral and creates downward price momentum. The future impact on Shiba Inu will depend primarily on investors’ trust and market response. This can only lead to short-term volatility if SHIB holders maintain calm and market emotional levels.

Nevertheless, the long-term downward trend can be attributed to more liquidation or permanent hacker sales. The full effect of this token swap may become apparent in the coming days, prompting investors to maintain alerts and pay attention to market development and blockchain security alerts.