Shiba Inu Price Drops Amid WazirX Crypto Exchange Hack

Today witnessed a major security breach at WazirX, India‘s largest cryptocurrency exchange. The incident involved multiple suspicious transactions detected within the exchange’s multisig hot wallet on the Ethereum network. These transactions, amounting to $234.9 million, were executed by entities funded through Tornado Cash.

Impact On Shiba Inu (SHIB) Price

The security breach had an immediate impact on the price of Shiba Inu (SHIB). As of now, SHIB has plummeted by 6.87% since the beginning of today‘s trading session, currently trading at $0.0000173 per token. The exploiter has already sold 35 billion SHIB tokens, equivalent to approximately $700,000, exacerbating the decline in SHIB’s price.

SHIB to USD Source: CoinMarketCap

The exploiter still controls 5.4 trillion tokens, which is anticipated to exert further downward pressure on SHIBs price. Notably, IntoTheBlock reported that 34,690 addresses held 423.96 trillion SHIB tokens in the price range of $0.000018 to $0.00002, a range from which SHIB has recently dropped. Continued dumping of stolen SHIB tokens by the exploiter could prompt holders of this substantial volume to sell, adding to the selling pressure on SHIB.

Response from WazirX

WazirX promptly acknowledged the breach and is actively investigating the incident. In response to ensure asset safety, the exchange has temporarily halted withdrawals in INR and cryptocurrencies. They have committed to providing regular updates to users as they gather more information.

Related article: Shiba Inu Sees Surge: Can SHIB Break Through $0.00002？

The security breach at WazirX has not only shaken confidence in the exchange but has also significantly impacted SHIBs price.

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As investigations continue and users await further updates, the crypto community watches closely to see how WazirX addresses this breach and its repercussions on SHIB and other cryptocurrencies traded on the platform.