In the cryptocurrency world, there was an attack on an altcoin project in June this year. Accordingly, there was a loss of approximately 1 million dollars in the attack. Now the hacker started to exchange what he had. A selling wave is probably on the way. Let’s look at the details.
Altcoin Atlantis Loans hacker made major token swap
In a notable crypto transaction, altcoin Atlantis Loans hacker executed a significant token swap involving several leading cryptocurrencies. The swap involved the conversion of 10 Ethereum (ETH), 9.1K PancakeSwap (Cake) tokens, 355 Cardano (ADA) tokens, and 492.5 Polkadot (DOT) tokens. These tokens include approximately $100,000 worth of stablecoin transactions, including approximately 60,000 Tether (USDT), 35,500 USD Coin (USDC), and 4,900 Binance USD (BUSD). The target address for this token swap is 0xe047…fB01.
#PeckShieldAlert #AtlantisLoans Exploiter has swapped 10 $ETH9.1K $Cake355 $ADA492.5 $DOT for ~100K stablecoins (~60K $USDT35.5K $USDC and 4.9K $BUSD) and transferred them to 0xe047…fB01 pic.twitter.com/iFtfrJlHTb
— PeckShieldAlert (@PeckShieldAlert) October 20, 2023
This major token swap not only demonstrates the flexibility and liquidity of various cryptocurrencies. It also shows the hacker’s strategic approach to divest his digital asset portfolio. Stablecoins such as USDT, USDC and BUSD are on the agenda with their price stability. It is also often used to hedge against the volatility of cryptocurrencies. The decision to exchange a significant amount of altcoins ETH, Cake, ADA and DOT with these stablecoins attracts attention. PeckShieldAlert brought the issue to the agenda.
Hacker creates a space for himself
The Ethereum network, which forms the basis for many tokens, is famous for its utility and decentralized applications. PancakeSwap, altcoin Cardano and Polkadot each have their own unique features. They are also leading players in the crypto space with their usage areas. The decision to exchange these assets for stablecoins explains the hacker’s intention. Accordingly, it stands out as a tactical move.
The use of blockchain explorers enables the monitoring of important transactions in the crypto space. It also makes it possible to analyze it. Accordingly, these tools provide transparency and visibility into the movements of digital assets. Thus, it helps both individual investors and market analysts obtain information about market trends and participant behavior.
Token swap reveals hacker’s intentions
Crypto enthusiasts and investors continue to explore opportunities and risks in the digital asset space. On the other hand, important transactions such as this token swap of the hacker attract attention. However, due to the transparent nature of the blockchain, the hacker’s job is a bit difficult as a result of the altcoin and stablecoin move.
New projects, innovations and market developments are constantly emerging. Participants also need to have the knowledge to navigate this ever-evolving landscape. At least when we look at it as cryptokoin.com, it is very important that they adapt their strategies.
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