- The recent Shiba Inu (SHIB) price drop has been linked to a cyberattack involving North Korean hackers, according to blockchain analysis firm Elliptic.
- Crypto exchange WazirX confirmed the theft of approximately $235 million in digital assets this morning, prompting a halt in withdrawal services.
- On-chain data indicates that hackers stole around 5.4 trillion SHIB worth $96.7 million, leading to a significant sell-off and subsequent price drop.
Discover how North Korean hackers triggered a Shiba Inu (SHIB) crash and what this means for the crypto market in our detailed report.
Shiba Inu (SHIB) Price Plummets Amidst Cyberattack
In a stunning turn of events, blockchain analysis firm Elliptic has revealed that North Korean hackers were behind the recent attack causing the Shiba Inu (SHIB) price to fall. Approximately $96.7 million worth of SHIB was stolen, and the hackers quickly began liquidating their holdings. As a result, SHIB’s price fell more than 6%, reaching $0.00001743. The hackers’ wallets still hold around $63 million worth of SHIB, indicating a substantial portion of the stolen assets remains at risk of being sold.
Multiple Tokens Stolen Including Ethereum and Polygon
The cybercriminals did not limit their illicit activities to Shiba Inu alone. Reports indicate the theft of over 200 different tokens amounting to substantial sums: $52.6 million in Ethereum (ETH), $11 million in Polygon (MATIC), $7.6 million in PEPE, $5.7 million in Tether (USDT), and $4.7 million in Floki Inu (FLOKI). The total haul emphasizes the severe impact this attack could have across various sectors of the crypto market.
Links to Tornado Cash and Money Laundering Techniques
Post-attack, the stolen funds were swiftly moved to new addresses via Tornado Cash—a service notorious for its use in money laundering. Hacker activity following the attack included converting stolen tokens into Ethereum through various decentralized platforms. Elliptic noted that such sophisticated laundering tactics are a hallmark of North Korean operations. Additionally, research by ZachXBT suggests that some of the criminal proceeds made their way to centralized crypto exchanges, raising concerns about the adequacy of their security measures.
Conclusion
This incident underscores the persistent threats posed by state-backed cybercriminals to the cryptocurrency ecosystem. The extensive losses and ensuing market instability highlight the critical need for enhanced security protocols and regulatory measures. Stakeholders in the crypto community must remain vigilant and proactive to safeguard digital assets against such sophisticated cyber threats. Moving forward, close monitoring of entities like Tornado Cash will be essential to curtail the avenues available for laundering illicit gains.
