Tuesday, November 24, 2020
Home News BTC The KuCoin Hacker is About to Sell Stolen Chainlink; Why Analysts Aren’t...

The KuCoin Hacker is About to Sell Stolen Chainlink; Why Analysts Aren’t Concerned

KuCoin, a somewhat popular cryptocurrency exchange headquartered in Singapore, experienced a major security breach last week that led to the loss of over $150 million worth of crypto tokens, including Bitcoin, Chainlink, Ethereum, and a plethora of altcoins.

Although this has yet to have any grave impacts on the crypto market, the selling patterns from the hacker – or group of hackers – has placed pressure on multiple smaller altcoins.

It now appears that they are looking to offload the Chainlink tokens that they stole from the platform, which could mean that it is about to witness some notable inflows of selling pressure.

It is important to note that in total, the hacker was only able to steal roughly $2 million worth of the token. Based on its current liquidity, analysts don’t think that this should have any major implications on LINK’s price action.

That being said, it may slow the rate at which it can ascend throughout the coming couple of days.

KuCoin Hacker Begins Transferring Stolen Chainlink

Due to the public nature of the hacker’s Ethereum wallet address, analysts can closely monitor all of the hacker’s transactional activity.

After selling off a significant amount of their smaller altcoin reserves, it now appears that they are moving to sell their Chainlink.

In total, they stole roughly $2 million worth of the cryptocurrency.

While speaking about this, one analyst pointed to the small LINK transactions as a sign that this will be the next token they dump.

“Hacker going for LINK next by the looks of it. Only got ~$2m of it. This guy is the most meticulous dumper I’ve ever seen. Test transactions, TWAPing, etc. 36hrs, 15m of 150m liquidated,” he explained.

Here’s What the $2m Sell-Side Pressure Could Do to LINK 

Chainlink is now one of the largest and most liquid altcoins available to investors. As such, $2 million in selling pressure shouldn’t have too much of an impact on its price action, besides possibly sparking a short-term downtrend.

The aforementioned analyst also spoke about this, noting that any downwards price movements that LINK sees in the near-term are more than likely just related to general market movements.

“KuCoin hacker is liquidating his LINK. Nothing to be concerned about given links liquidity. Any price movements are most likely more in tandem with the general market and little to do with this.”

A sudden influx of sell orders may create some short-term pressure that pushes Chainlink lower, but it shouldn’t alter its mid-term trend.

Featured image from Unsplash.
Pricing data from TradingView.

Popular Articles

XRP’s price surges by 90 percent, why this is important

You run, you can hide, but you can’t escape the crypto community talking about XRP. The coin has been through varied phases of stagnation,...

Chainalysis Achieves $1 Billion Valuation With $100M Funding Round

Chainalysis, a notable blockchain forensics firm, has made an announcement today. This announcement pertained to having raised $100 million in investments in order for...

These 5 altcoins are beating every major cryptocurrency this week

Bitcoin (BTC) has topped $19,000 in a fresh bullish surge, but traders are all about altcoins on Nov. 24. In what many are heralding as...

Biggest Names In DeFi Invest $1.1 Million In dHEDGE

Alameda Research and Framework Ventures stand as but two of some of the biggest figures in DeFi that have opted to back dHEDGE, a...

Brutal Sell-off Leads Ripple’s XRP 24% Lower; More Dump Ahead?

Ripple Labs’ native cryptocurrency XRP experienced a brutal sell-off on Monday after its price rallied to a multi-year high. The XRP/USD exchange rate reached $0.79...

Brink Gets $150,000 Grant to Support Bitcoin Development

Brink, a new, independent nonprofit organization, will seek to fund and support open-source Bitcoin protocol development.  The company has already secured a $150,000 donation from...