Bitrabo Editorial
A significant warning has been issued by a leading Shiba Inu (SHIB) developer to the SHIB community concerning a hack on WazirX that has resulted in considerable financial losses for numerous SHIB investors.
Developer’s Warning to SHIB Community
Kaal Dhairya, a top developer closely associated with Shytoshi Kusama, the pseudonymous lead developer of SHIB, took to social media to highlight a new hack targeting investors. This hack occurred on WazirX, a well-known Indian crypto exchange. Dhairya emphasized the breach by stressing the importance of safeguarding wallet private keys to protect crypto assets.
Reports indicate that WazirX experienced a major security breach leading to approximately $235 million in crypto assets being moved out of the exchange. The hack involved funds from WazirX being transferred to a new address through transactions funded by “TornadoCash,” compromising assets like Pepe (PEPE), Tether (USDT), Gala (GALA), and Ethereum (ETH).
An investigator known as ‘ZachXBT’ revealed that the attacker swiped over $100 million worth of Shiba Inu tokens along with around $4.7 million in Floki (FLOKI) coins. To protect SHIB community members and other crypto investors, Dhairya raised awareness about the WazirX security breach.
Arkham Intelligence shared that ZachXBT provided concrete evidence of a KYC-linked deposit address used by the malicious attacker, potentially aiding in resolving the hack and identifying the culprits.
Shiba Inu Price Drop Post-Hack Attack
Following the theft of over $100 million worth of SHIB tokens in the hack, the price of Shiba Inu experienced a significant decline, leading to unexpected losses. Despite recent positive performance, the hack triggered a bearish sentiment influencing the meme coin’s market price.
Shiba Inu’s price plummeted by 6.39% and is currently trading below the $0.00002 mark according to CoinMarketCap data. Despite a substantial increase in its 24-hour trading volume, SHIB’s price has fallen to $0.0000175. The coin’s value reached around $0.000019 before the hack-induced downturn, causing investors to reassess their positions.