Massive Hack Hits WazirX

WazirX, a leading cryptocurrency exchange in India, suffered a major security breach, resulting in the theft of $230 million in digital assets.

Key Details of the Breach:

- Largest Loss: Shiba Inu (SHIB) with 5.43 trillion tokens stolen, valued at $102 million.

- Other Stolen Assets:

- 15,298 Ethereum (ETH) worth $52.5 million

- 20.5 million Polygon (MATIC) worth $11.24 million

- 640.27 billion Pepe (PEPE) worth $7.6 million

- 5.79 million Tether (USDT)

- 135 million Gala (GALA) worth $3.5 million

Exchange Response:

- Paused withdrawals of cryptocurrencies and Indian rupees.

- The hacker has begun selling the stolen SHIB.

Market Concerns:

- The hack raises alarms in the cryptocurrency community, impacting recovery efforts led by Bitcoin (BTC).

AI Predictions for SHIB Price by August 1

Scenarios Outlined by AI:

1. Bearish Outcome:

- Erosion of investor confidence could lead to a sell-off.

- Price could drop to around $0.000015 or lower.

2. Neutral Outcome:

- If security measures improve, the price might stabilize around $0.000017.

3. Bullish Outcome:

- Positive market trends or strong buying interest could push the price to around $0.000020 or higher.

Additional Factors Influencing SHIB:

- Market Dynamics: Broader trends, regulatory news, and macroeconomic factors.

- Community Initiatives: Increased burning activity to mitigate fallout. Shibburn reported an 874.74% surge in the burning rate on July 18.

Current SHIB Price Analysis:

- Price at Press Time: $0.00001735, with a 24-hour loss of over 10%.

- Weekly Performance: Up over 4%.

- Key Levels to Monitor:

- Resistance at $0.000018.

- Support at $0.0000170; losing this could heighten bearish sentiments.

Conclusion

The cryptocurrency community is closely watching SHIB’s response to the hack, with various potential outcomes depending on market reactions and developments.

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