WazirX Hacker Sells Entire SHIB Coin Stash Worth $100 Million

• In a significant development, WazirX exchange has reportedly been hacked, leading to the unauthorized sale of $100 million worth of SHIB Coin.
• The aftermath of this hack saw SHIB Coin’s price plummet by approximately 8.9%, reflecting the market’s reaction to the breach.
• Meanwhile, Starknet is gearing up to launch Cairo 2.7.0, a critical upgrade to its main-net, expected to enhance contract deployment.

An overview of the latest in the cryptocurrency world: WazirX’s $100M SHIB Coin heist, Starknet’s major upgrade, and more.

WazirX Exchange Hacked: $100 Million Worth of SHIB Coin Gone

On-chain data from observer Ember has unveiled a major security breach on the WazirX cryptocurrency exchange. A hacker reportedly sold off $100 million worth of SHIB Coin. This incident has left the exchange reeling, with $18 million in other altcoins still potentially at risk. According to Ember, the hacker now controls a staggering 58,410 ETH, amounting to $202 million, with a significant portion directly stolen from WazirX.

Market Impact and Response

The repercussions of the hack were immediate and severe. SHIB Coin’s value saw a sharp decline of 8.9%, now trading at $0.0000173 per token. The breach has caused widespread unease among SHIB investors, prompting urgent calls for enhanced security measures across all exchanges.

Starknet Prepares for Cairo 2.7.0 Upgrade

Starknet continues to push forward with its technological advancements, announcing the upcoming release of Cairo 2.7.0. This release is set to bring significant upgrades, including the Sierra version 1.6.0 update, ensuring that contracts written in the new standard can only be deployed on nodes running Starknet 0.13.2 and above. The testnet upgrade is slated for August 5, with the main-net upgrade following on August 26.

Benefits of the Upgrade

The Cairo 2.7.0 update is a crucial step for Starknet, aiming to streamline contract deployments and enhance the network’s scalability and efficiency. This upgrade is expected to bolster Starknet’s position in the rapidly evolving blockchain ecosystem, providing developers with improved tools and protocols.

Omnichain Stargate and Flare Blockchain Integration

Omnichain liquidity transfer protocol Stargate has announced its integration with the Flare blockchain, enabling seamless liquidity movement across diverse ecosystems. Flare, designed for data-intensive scenarios such as machine learning, AI, RWA tokenization, gaming, and social applications, now connects with 25 blockchains through Stargate V2. This integration is poised to enhance total value locked (TVL) and facilitate smoother fund transfers, deepening liquidity in the process.

Strategic Growth and User Benefits

Stargate’s integration with Flare represents a strategic initiative to foster liquidity growth across multiple blockchains. Users will benefit from increased flexibility and efficiency in moving their assets, contributing to broader adoption and interoperability within the blockchain space.

Biden’s Potential Withdrawal Shakes Market Sentiments

Recent reports by Axios suggest that President Joe Biden might withdraw from the 2024 presidential race as early as this weekend. High-ranking Democratic Party members believe Biden’s decision will be influenced by mounting pressures, poor polling outcomes, and intense scrutiny. This development has already impacted the market, with meme coin BODEN plunging approximately 30% in value shortly after the news.

Political Uncertainty and Financial Markets

The possibility of Biden’s withdrawal has introduced a new layer of uncertainty in financial markets. Investors are bracing for potential volatility, with concerns about the broader political implications and the impact on future economic policies.

IoTeX Launches Version 2.0

IoTeX, a Layer-1 blockchain, has rolled out its Version 2.0, which aims to enhance the ecosystem for decentralized physical infrastructure networks (DePin). This upgrade includes the introduction of DePIN Infrastructure Modules (DIMs), designed to cater to the specific needs of DePin projects. IoTeX has also laid out a roadmap for integrating over 100 million devices and unlocking trillions of dollars in real-world value on the blockchain over the next three to five years.

Future Prospects and Technological Advancements

The modular approach proposed by IoTeX is set to transform the development and scalability of DePin projects. By allowing projects to adopt specific technology layers that suit their requirements, IoTeX is fostering innovation and efficiency within the ecosystem.

Conclusion

The latest developments in the cryptocurrency space highlight the dynamic nature of the industry. From significant security breaches to major technological upgrades and political uncertainties impacting market sentiments, these events underscore the need for continuous vigilance and adaptation. As the crypto landscape evolves, stakeholders must stay informed and proactive to navigate the complexities effectively.