Track market-moving stories before they get noisy

The entity behind the WazirX exploit has liquidated a good portion of its ill-gotten gains, which analysts have noted has had a major impact on some prices.

Alex Svanevik, CEO of blockchain analytics firm Nansen, pointed out on Twitter that the entity behind the hack of Indian exchange WazirX—suggested to be a North Korean hacking group—became the top Uniswap (UNI) seller. Nansen data for UNI shows that the address in question has sold $859,514 worth of the token over the last seven days.

The @WazirXIndia Exploiter is back on the move...

In the past hour, they've moved 21.16b $BOB ($800k) and some smaller holdings that have also been sold. And a further 6.7m $CHR ($1.6m), was sent to a separate address and was sold a few minutes ago

This is after the… pic.twitter.com/L0zPf8Id0O

— Nansen 🧭 (@nansen_ai) July 22, 2024

Similarly, the presumed North Korean hacker group also topped the sale charts for Chainlink (LINK) and The Sandbox (SAND). Nansen data shows that the hacker sold over $2.77 million of Chainlink and $1.6 million of SAND over the last seven days.

Later, the firm's main account sent a tweet saying that there's now only $5 million worth of funds left in the exploiter's wallet. The remainder is mostly comprised of Celer Network (CELR), Ooki (OOKI), and Frontier (FRONT).

Market reacts to WazirX hacker's sellingDespite this, according to CoinMarketCap data, Chainlink is trading at $14.16 after seeing a 2.57% gain over the last seven days. Similarly, The Sandbox is trading at $0.3371 after seeing 3.61% worth of gains over the last seven days. Uniswap is trading at $7.91 after trading in the red for most of the last seven days—even before the hack—and lost 6.1% over the last seven days.

The same cannot be said about Push Protocol (PUSH). The token has dropped 24% over both the last seven days and 32% in the last 24 hours. It's now trading at $0.1027 after rebounding 28% from its $0.08022 low reported earlier on Monday. Nansen data shows that the WazirX hacker wallet sold $529,167 worth of PUSH over the last da—with the next top seller only having sold $11,133, highlighting the low liquidity.

Push Protocol and The Sandbox 24-hour price chart. Source: CoinMarketCapPush Protocol & The Sandbox 24-hour price chart. | Source: CoinMarketCap

The difference in impact is to be largely attributed to the different levels of liquidity. Push Protocol has a market cap of under $6.2 million and a 24-hour volume of under $4.9 million as of press time.

Hi Push Community

As you may know, WazirX exchange has been the victim of a hack that exposed several coins, and unfortunately, PUSH as well. We have traced them to this address: https://t.co/NA2ObL7eM6 exploiter of the exchange has sold 100% of the reserve of PUSH tokens… pic.twitter.com/m43ec4TrME

— Push Protocol | Push Nodes SOON (@pushprotocol) July 22, 2024

Chainlink has a market cap of nearly $8.6 billion and a volume of over $421 million, whereas The Sandbox has $767 million and $69 million respectively. Uniswap has a market cap of $4.74 billion and a volume of nearly $158 million.

Edited by Stacy Elliott.

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Key NotesWeb3 communications protocol Push is launching its native Layer-1 chain.The new chain is designed as a Proof-of-Stake chain with core developer tools.It is out in Devnet with mainnet expected next year. Web3-native communications startup Push Protocol is working on launching its Layer-1 blockchain, dubbed the Push Chain. As reported by The Block, it plans to develop the L1 to focus on chain abstraction and building Web3 applications with multichain accessibility. Ultimately, the Push Protocol will address the challenges of fragmented user experiences and scalability issues with the Push Chain.

Push Chain will introduce groundbreaking features to achieve these goals, such as the ability to do any chain transactions. It also plans to introduce a new model called Consumer transactions. Other features expected to come with the chain are wallet and gas fee abstraction, sharding, and sub-one-second transaction finality.

Push Protocol Pivots With Push Chain For a long time, the blockchain-based notifications project has operated as a communication protocol. It enables cross-chain notifications and messaging for Decentralized Applications (dApps).

This upcoming Proof-of-Stake (PoS) chain is a strategic shift from Push’s original form.

The entire notification and chat protocols will be merged into the Push Chain, turning these interactions into value-accruing transactions. The integration aims to ensure its continued status as the standard for Web3 communication while leveraging Push Chain’s scalability and innovation advantages.

Under its PoS consensus algorithm, the Push Chain will bridge EVM and non-EVM ecosystems.

In the long run, it will enable seamless transactions, liquidity bridging, and smart contract interoperability. According to a spokesperson for the project, the team “worked on building notification nodes for years and completed their implementation in January 2024.”

“It was during this journey that we realized our efforts to scale, unify web3, and enable seamless onboarding for an exceptional consumer experience could evolve into something far more impactful,” the Push spokesperson added.

Push Chain Plans For Phased Launch As part of its benefits, the Push Chain will serve as a common settlement layer for all the L1s and L2s.

If this is achieved, the resulting “universal smart contracts” will offer developers or users access to the state of a wallet on another chain. The chain’s initial testnet would be phased out, starting with the first in mid-January 2025. The mainnet will follow later in the year.

For now, the Chain is live on devnet. It includes tools and resources for developers, such as the Push Chain Whitepaper, Push Chain Knowledgebase, Push Scan Explorer, and Tx App.

The chain will pave the way for consumer-friendly apps like decentralized social platforms, gaming ecosystems, universal Decentralized Finance (DeFi), and cross-chain non-fungible token (NFT) marketplaces. By doing so, Push Chain could drive mass adoption of Web3. All the resources going into the development of the chain position it to form the infrastructure for on-chain AI.

For context, features like its shared state, fast finality, sharding, transaction payload size, and the ability to have users from any chain give Push Chain the capacity to support fast, multi-use AI use cases in Web3.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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