WazirX’s recent hack saw over $230 million worth of crypto stolen, including a staggering 5.4 trillion SHIB tokens. The hacker began selling off SHIB, triggering a more than 10% drop in its price as investors worried about additional selling pressure.

Despite efforts to burn tokens, the SHIB community remains anxious about further selling and its potential impact on prices.

Shiba Inu (SHIB) Plunges Amidst WazirX Hack Fallout

Shiba Inu (SHIB) has experienced a sharp decline, dropping by over 10.6% in recent hours to reach approximately $0.00001737. This sudden downturn has set off alarm bells among investors, indicating that the hacker responsible for the recent breach at WazirX has begun to sell off their stolen SHIB holdings.

According to blockchain data, the hacker still holds a massive 5.4 trillion SHIB tokens. This substantial amount raises concerns about potential further disruptions in the market. Investors are wary of the ongoing impact of these sales on SHIB’s price stability and overall market sentiment.

WazirX Hack: Massive SHIB Holdings Cause Market Turmoil

Recently, WazirX, India’s largest digital asset exchange, fell victim to a significant security breach. Exploiting vulnerabilities in the platform’s multisig wallets, hackers managed to steal over $230 million worth of various cryptocurrencies, including SHIB, PEPE, Ethereum, and Fantom.

According to blockchain data, the attacker responsible for the breach holds an immense 5.435 trillion SHIB tokens, valued at approximately $102 million. This substantial holding underscores the impact of the ongoing sell-off by the attacker on SHIB’s market price. Investors and the SHIB community are closely monitoring developments amid concerns about further market instability caused by continued selling.

Whale Alert – Source: X

Hacker Sells 35 Billion SHIB Tokens Despite Increased Burn Rate

Reports from Lookonchain reveal that the hacker responsible for the WazirX security breach has sold 35 billion SHIB tokens, amounting to about $618,000. Despite these sales, the attacker still holds a massive 5.4 trillion SHIB tokens, valued at approximately $95.45 million.

Lookonchain update – Source: X

The ongoing selling activity by the hacker underscores the challenges faced by WazirX and raises concerns within the crypto community about platform security and investor protection.

In response to the exploit, SHIB’s price has plummeted by over 10.6%, currently trading around $0.00001737. Despite a substantial 874% increase in SHIB token burn rate today, market sentiment remains predominantly bearish.

SHIB Community Braces for Price Declines

Many members of the Shiba Inu community are apprehensive about potential further declines in SHIB’s price as the hacker behind the WazirX breach continues to sell small amounts of their SHIB tokens. With a substantial 5.4 trillion tokens still under the hacker’s control, there are growing concerns that continued selling could exert additional downward pressure on SHIB’s market value.

Meanwhile, the Relative Strength Index (RSI) for SHIB currently stands at 53, indicating a neutral stance but reflecting cautious sentiment among investors


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.






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