{"id":439925,"date":"2020-09-28T21:00:33","date_gmt":"2020-09-28T21:00:33","guid":{"rendered":"https:\/\/uniquehot.com\/?p=439925"},"modified":"2024-06-11T14:16:56","modified_gmt":"2024-06-11T14:16:56","slug":"the-kucoin-hacker-is-about-to-sell-stolen-chainlink-why-analysts-arent-concerned","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/the-kucoin-hacker-is-about-to-sell-stolen-chainlink-why-analysts-arent-concerned\/","title":{"rendered":"The KuCoin Hacker is About to Sell Stolen Chainlink; Why Analysts Aren\u2019t Concerned"},"content":{"rendered":"
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.<\/p>\n
Although this has yet to have any grave impacts on the crypto market, the selling patterns from the hacker<\/a> \u2013 or group of hackers \u2013 has placed pressure on multiple smaller altcoins.<\/p>\n 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.<\/p>\n 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\u2019s price action.<\/p>\n That being said, it may slow the rate at which it can ascend throughout the coming couple of days.<\/p>\n Due to the public nature of the hacker\u2019s Ethereum wallet address, analysts can closely monitor all of the hacker\u2019s transactional activity.<\/p>\n After selling off a significant amount of their smaller altcoin reserves, it now appears that they are moving to sell<\/a> their Chainlink.<\/p>\n In total, they stole roughly $2 million worth of the cryptocurrency.<\/p>\n While speaking about this, one analyst pointed to<\/a> the small LINK transactions as a sign that this will be the next token they dump.<\/p>\n \u201cHacker 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,\u201d he explained.<\/p><\/blockquote>\n Chainlink is now one of the largest and most liquid altcoins available to investors. As such, $2 million in selling pressure shouldn\u2019t have too much of an impact on its price action<\/a>, besides possibly sparking a short-term downtrend.<\/p>\n The aforementioned analyst also spoke about this<\/a>, noting that any downwards price movements that LINK sees in the near-term are more than likely just related to general market movements.<\/p>\n \u201cKuCoin 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.\u201d<\/p><\/blockquote>\n A sudden influx of sell orders may create some short-term pressure that pushes Chainlink lower, but it shouldn\u2019t alter its mid-term trend.<\/p>\n 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 \u2013 or group of hackers \u2013 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\u2019s 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\u2019s Ethereum wallet address, analysts can closely monitor all of the hacker\u2019s 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. \u201cHacker 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,\u201d he explained. Here\u2019s What the $2m Sell-Side Pressure Could Do to LINK\u00a0 Chainlink is now one of the largest and most liquid altcoins available to investors. As such, $2 million in selling pressure shouldn\u2019t 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. \u201cKuCoin 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.\u201d A sudden influx of sell orders may create some short-term pressure that pushes Chainlink lower, but it shouldn\u2019t alter its mid-term trend. Featured image from Unsplash. Pricing data from TradingView.<\/p>\n","protected":false},"author":499,"featured_media":439931,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,4],"tags":[75941,75940,79480],"class_list":["post-439925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-analysis","tag-linkbtc","tag-linkusd","tag-linkusdt"],"acf":[],"yoast_head":"\nKuCoin Hacker Begins Transferring Stolen Chainlink<\/strong><\/h2>\n
Here\u2019s What the $2m Sell-Side Pressure Could Do to LINK<\/strong>\u00a0<\/strong><\/h2>\n
Featured image from Unsplash.\r\nPricing data from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"