Shiba Inu crushed by 5 trillion $SHIB transfer, $230 million WazirX hack
Shiba Inu (SHIB), one of the largest meme coins in the crypto ecosystem suffered a steep correction early on Thursday, following a hack on an Indian crypto exchange.
Data from on-chain intelligence tracker Arkham shows that WazirX exchange was exploited for over $102 million in SHIB tokens. Amidst panic selling from traders and the exploiter offloading the assets, SHIB faced a mass sell-off.
Shiba Inu lost 8% value on the day, at the time of writing.
Shiba Inu succumbs to mass sell-off
Shiba Inu faced an intense sell-off as over 5 trillion SHIB tokens were moved to crypto exchanges within hours, on Thursday, July 18. Data from on-chain tracker CryptoQuant shows mass transfer of SHIB to exchanges.
Typically, a large volume of an asset hitting exchange wallets is considered bearish, since it implies there is a higher volume of the token to sell.
WazirX exchange was hacked today by ~$100 million in SHIB.
People are rushing into exchanges to sell.
More than 5 trillion SHIB have hit exchanges in the last hours. pic.twitter.com/Hwd3QU4hWv
— Julio Moreno July 18, 2024
The transfers were likely panic selling by crypto traders in response to the WazirX exchange exploiter offloading their SHIB holdings. Arkham Intelligence data shows that the hacker sold over $102 million in Shiba Inu tokens from the exploit, per information available on-chain.
UPDATE: The WazirX Hacker is out of SHIB.
$102.1M SHIB was stolen this morning from WazirX and has now been fully sold off by the attacker. pic.twitter.com/sjCSZJhdIv
— Arkham July 18, 2024
Shiba Inu trades at $0.00001711 at the time of writing.
1/ So I began tracing the $230M+ WazirX hack back from the original exploiter address & was able to make some interesting observations. https://t.co/gLHu05sXWZ pic.twitter.com/eFRNdLtACB
— ZachXBT July 18, 2024
The hacker holds over $4.7 million in FLOKI tokens. FLOKI erased nearly 5% of its value on the day, trades at $0.00017098, at the time of writing.