Massive Shiba Inu (SHIB) Token Withdrawal from WazirX Hack Sparks 8% Price Drop

• Last week, WazirX experienced a significant security breach resulting in the theft of nearly a quarter billion dollars worth of cryptocurrency.
• Anonymous hackers exploited transactions, causing major concern within the crypto community as they quickly exchanged stolen digital assets for Ethereum (ETH).
• The attackers withdrew 5.4 trillion Shiba Inu (SHIB), valued at $102.13 million, leading to an 8% decline in the token’s price at its lowest point.

WazirX Faces a Major Security Breach Impacting $250 Million in Crypto

Security Breach on WazirX Exchange Triggers Community Concerns

The recent hacking incident on India’s largest crypto exchange, WazirX, has sent shockwaves throughout the cryptocurrency community. The security breach resulted in the theft of nearly $250 million worth of digital assets. The compromised address has been actively converting these assets into Ethereum (ETH), putting significant sell pressure on the affected tokens and raising widespread concern.

Massive Shiba Inu (SHIB) Withdrawal and Market Impact

One of the most substantial transactions made by the hackers was the withdrawal of 5.4 trillion Shiba Inu (SHIB), valued at $102.13 million. This considerable offloading of SHIB led to a sharp decline in its market price, which plummeted by almost 8% at one stage, causing a ripple effect across the SHIB trading community and the broader market.

Movement of Stolen Ethereum and Other Assets

According to Spot On Chain, the WazirX exploiter moved 16,345 ETH, worth approximately $56.88 million, to two new wallets identified as “0x58d” and “0x668.” Presently, the hacker still holds 43,962 ETH, equating to about $153 million, spread across multiple wallets. Furthermore, the exploiters continue to liquidate other assets like CTSI, PUSH, REEF, and REN to accumulate more ETH.

WazirX’s Efforts to Recover Stolen Funds

In response to the breach, WazirX has been proactively working with on-chain investigators and analysts to trace and recover the stolen assets. The exchange has announced a substantial bounty, offering up to $23 million to individuals who can assist in the recovery process. This initiative aims to attract white hat hackers, blockchain forensics experts, and cybersecurity professionals from across the globe to aid in the investigations and retrieval efforts.

Conclusion

The recent hacking incident at WazirX has underscored the vulnerabilities in the cryptocurrency exchange infrastructure and the importance of robust security measures. While the exchange is taking significant steps to recover the stolen assets and secure their platform, the event serves as a stark reminder of the risks inherent in the digital asset space. The community continues to watch closely as the situation develops.