The blockchain analytics platform Spot On Chain has established a connection between the recent price drop of Wall Street Memes (WSM) and the actions of a hacker who stole a significant number of tokens during an attack.

Experts from the analytical platform noted that the hacker began exchanging the stolen tokens for Ethereum through Uniswap and MEXC. On the evening of January 26, he sold over 368 million WSM for approximately $3.3 million.

As a result of the mass sell-off, the token lost nearly 35% of its value, but according to CoinMarketCap data, WSM partially recovered, reducing its losses to 22.96%.

After the attack occurred, the WSM project team announced measures taken to prevent further actions by the hacker. They withdrew the liquidity of WSM from the pool and suspended WSM trading pairs on CEX.

According to Spot On Chain data, the hacker still possesses 396.2 million WSM tokens out of the stolen 769.4 million. At the time of writing this article, these tokens are stored in 17 different wallet addresses and have an approximate value of $3.58 million.

Considering the overall market capitalization of WSM, the sale of the remaining tokens by the hacker could significantly impact the value of WSM. Currently, the total market capitalization of this meme coin stands at $17.4 million, with 1.92 million tokens in circulation.