On January 15th there was a significant hack on Black Wallet that resulted in the loss of around $400,000 USD worth of XLM (Stellar Lumens).
Do you think that the Black Wallet hack could have helped to push the price of XLM down?
It's been posted in several articles that the attacker appears to have been "laundering money" to a bittrex address and then exchanged them for other coins.
Do you think that this hack helped to prevent XMR (Monero) from dipping as low as it probably would have?
It seems to be a common trend for hackers to trade their stolen crypto for privacy coins like XMR. I noticed that while most other coins were dropping , XMR seemed to not lose as much percentage-wise, and it seemed to bounce back quickly. I don't think this is a coincidence.
During a much larger hack in December, the stolen crypto was transferred into XMR, resulting in an ATH of around $650.
Do you think that a $400,000 theft could alter the overall market cap in a drastic way?
Let me know in the comments what you guys think!
Congratulations @dlmarie! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOP