Blockchain security firms say bad actors typically move altcoins into Ether to prepare for laundering, as the native token has no built-in means to get frozen.
The hacker behind the $235 million exploit of cryptocurrency exchange WazirX has converted nearly $150 million of altcoins to Ether — a move likely to avoid getting funds frozen or blacklisted.
According to blockchain analytics firm Spot On Chain, the hacker converted $90.2 million worth of Shiba Inu (SHIB), $10.2 million in Polygon (MATIC) and nearly $7.5 million in Pepe (PEPE) to Ether (ETH) from July 18 to 19.
The transfers have now brought the total amount of stolen funds sitting in Ether (ETH) to $201 million, up from $52 million initially.
