Shiba Inu (SHIB) Price Plummets After Major Hack on WazirX Exchange

• Today, the price of Shiba Inu (SHIB), the second largest meme coin, began to decline due to activities of a hacker who stole hundreds of millions of dollars’ worth of altcoins.
• The attacker, who hacked India’s largest cryptocurrency exchange WazirX, first sold 35 billion and later 300 billion SHIB earlier this afternoon.
• According to Etherscan data, the hacker has stolen approximately 5.43 trillion Shiba Inu and still has 4.63 trillion SHIB valued at $80.4 million in their wallet.

The Shiba Inu price plunges as a hacker offloads millions in stolen assets, causing widespread market concern.

Massive Sell-Off of Shiba Inu (SHIB) Sparks Market Panic

Earlier today, the crypto market witnessed a significant upheaval as a large-scale sell-off of Shiba Inu (SHIB) ensued. This sudden dump was instigated by a hacker who compromised WazirX, one of India’s largest crypto exchanges. The hacker offloaded vast amounts of SHIB, including 35 billion initially and another 300 billion SHIB tokens shortly after, severely impacting the token’s price.

Details of the WazirX Hack

The hack on WazirX was a meticulously planned attack targeting the security vulnerabilities in the exchange’s multi-signature wallets. The hacker’s activities didn’t stop at Shiba Inu. The attacker also stole over 100 different altcoins, including Ethereum, Matic, PEPE, USDT, and GALA, among others, aggregating to a total loss of approximately $230 million during the breach.

Immediate Market Reaction and SHIB’s Price Drop

According to TradingView data, Shiba Inu’s price witnessed a sharp decline from $0.000085 to approximately $0.00001734, marking an 8% drop in value. The market’s immediate response illustrates the impact of the mass sell-off on the token’s price stability. The panic-induced selling was further exacerbated as the hacker’s vast holdings became apparent through blockchain data.

WazirX’s Response and Ongoing Investigations

WazirX’s team responded promptly, acknowledging the security breach via their social media channels. They halted all withdrawals in both fiat and cryptocurrency to prevent further losses and mitigate the hacker’s actions. They also indicated that the breach likely stemmed from one of their hot wallets, specifically a Liminal wallet, which is currently under thorough investigation.

Conclusion

Today’s hack on WazirX and the subsequent Shiba Inu sell-off have highlighted critical vulnerabilities within crypto exchange security frameworks. With SHIB’s price taking a significant hit and other altcoins affected, the incident serves as a stark reminder of the need for enhanced security measures and vigilance in the crypto space. As investigations continue, WazirX aims to restore its systems and fortify its defenses to prevent such breaches in the future.