- India’s largest crypto exchange, WazirX, recently fell victim to a $230 million hack, impacting popular digital currencies such as Shiba Inu (SHIB) and PEPE.
- The burn rate of SHIB has surprisingly soared by 874%, even as the cryptocurrency’s value took a hit due to the hacking incident.
- Speculation mounts around Ethereum (ETH) potentially reaching $4,000, spurred by the imminent launch of 10 Ethereum ETFs.
Stay informed with the latest developments in the cryptocurrency world, covering significant security breaches, unusual token metrics, and potential market shifts driven by new financial instruments.
Major Security Breach at WazirX Affects $230 Million in Assets
India’s largest cryptocurrency exchange, WazirX, has been hit by a catastrophic hack that resulted in the loss of approximately $234.90 million. The theft was detected by Cyvers Alert, a platform specializing in real-time security alerts. The stolen assets were quickly transferred to a new address through a series of transactions funded by Tornado Cash. The list of compromised assets includes SHIB, ETH, MATIC, PEPE, USDT, and GALA. The Financial Intelligence Unit (FIU) and CERT-In have been notified, as WazirX embarks on a mission to trace and recover the stolen funds while analyzing the breach in detail.
Impact on Shiba Inu (SHIB) and Subsequent Burn Rate Surge
Among the stolen crypto assets, Shiba Inu (SHIB) experienced a significant drop in value following the breach. Approximately $102 million worth of SHIB was compromised. Despite this, data from Shibburn reveals an unexpected rise in SHIB’s burn rate by 874.74% in just 24 hours. A noteworthy transaction saw around five million SHIB tokens transferred to dead-end addresses. This heightened burn rate plays a crucial role in potentially stabilizing SHIB’s market presence amidst the recent turmoil.
Ethereum on the Verge of a Price Surge with New ETF Launches
Ethereum (ETH) is poised for a substantial price increase with the announcement of 10 new Ethereum ETFs set to launch next week. Prominent names like VanEck, Fidelity, and Grayscale are among those introducing these ETFs, which could drive a massive influx of capital into Ethereum. Historically, Bitcoin experienced significant price surges post-ETF approvals, and similar patterns are anticipated for Ethereum. While the potential for ETH to hit $4,000 is optimistic, cautious optimism is advised, as the market is inherently volatile. Currently, ETH stands at $3,462, showing a slight increase of 1.66% in the last 24 hours.
Conclusion
The cryptocurrency landscape continues to evolve with major developments such as security breaches, surprising market metrics, and new financial products. The breach at WazirX has highlighted the need for robust security measures, while the unusual surge in SHIB’s burn rate offers a glimmer of resilience. Meanwhile, Ethereum’s forthcoming ETFs could usher in a new wave of investor interest and price movement. Keeping abreast of these events is crucial for navigating the ever-changing crypto environment.
