[Blockchain News] According to Cointelegraph, WazirX cryptocurrency exchange was hacked and $235 million was stolen. Hackers converted nearly $150 million of altcoins to Ethereum to avoid funds being frozen or blacklisted. Blockchain analysis company Spot On Chain pointed out that between July 18 and 19, hackers converted $90.2 million of Shiba Inu, $10.2 million of Polygon MATIC, and $7.5 million of Pepe (PEPE) into Ethereum, with the total amount increasing from $52 million to $201 million.

Blockchain security company PeckShield said that hackers quickly converted Ethereum to protect funds before authorities or centralized token issuers took preventive measures. Tether had blacklisted hundreds of wallet addresses suspected of suspicious transactions. This incident also triggered a sell-off of SHIB, with the price falling by nearly 7%, while the price of Ethereum fell by only 0.1%.

WazirX has suspended withdrawal services and is working hard to recover funds. Blockchain forensics company Elliptic believes that the attack may have been caused by North Korean hackers. What do you think of this massive fund conversion and hacking? Feel free to discuss in the comments section.