Shiba Inu (SHIB) has experienced a significant price drop following the recent exploit on WazirX, a prominent Indian cryptocurrency exchange.
The hack resulted in the theft of 5.4 trillion SHIB, causing widespread concern among investors and triggering a 9% decline in the token’s value to $0.00001726.
5.4T $SHIB has been taken from the WazirX exchange.
These assets are likely to be sold for #Ethereum at any time. pic.twitter.com/pI5qrKXA5w
— CryptoQuant.com (@cryptoquant_com) July 18, 2024
In the past two hours, the hacker’s address has transferred 801 billion SHIB to the address 0x35fe…745CA. This transfer represents 14.74% of the stolen SHIB and is valued at approximately $14.02 million. The hacker continues to offload these tokens in batches, exacerbating the downward pressure on SHIB’s price.
更新：过去两小时 WazirX 黑客地址已向地址 0x35fe… 745CA 转移 8010 亿枚 $SHIB （占被盗 SHIB 数量的 14.74%），价值高达 1402 万美金，正在持续分批抛售
目前黑客地址仍持有 4.9 万亿枚 SHIB，总价值 8652 万美金；因大额链上抛售和恐慌情绪影响，SHIB 币价已下跌 9%，现价 $0.00001726📉 pic.twitter.com/U8rPUh65hu
— Ai 姨 (@ai_9684xtpa) July 18, 2024
Currently, the hacker’s address still holds 4.9 trillion SHIB, valued at around $86.52 million. The large-scale on-chain selling and resulting panic have contributed significantly to the price drop. Additionally, it has been reported that the hacker transferred the remaining 3.6 trillion SHIB to the address 0x35fe…745CA just two minutes ago, valued at $63.32 million.
更新：黑客地址于两分钟前将剩余 3.6 万亿枚 $SHIB 全部转移至出货地址 0x35fe… 745CA，价值高达 6332 万美金
这部分代币或在接下来的几小时内全部被抛售，请注意币价波动💡至此 54.3 万亿枚 SHIB（近 1 亿美金）已全部转移完毕 pic.twitter.com/3tOOU3nunh
— Ai 姨 (@ai_9684xtpa) July 18, 2024
Total Amount Of SHIB Transfered Stands At Around $53.3 Trillion
The total amount of SHIB transferred so far stands at 54.3 trillion, nearly equivalent to $100 million. The ongoing sales are expected to continue over the next few hours, potentially leading to further price fluctuations.
Investors and market watchers are advised to stay vigilant as the situation develops. The mass selling of SHIB by the hacker is likely to keep the market volatile in the short term. The incident underscores the importance of robust security measures and the potential impact of large-scale hacks on cryptocurrency markets.
As the investigation continues, the focus remains on mitigating the damage and restoring confidence among SHIB holders and the broader crypto community. The situation is a stark reminder of the vulnerabilities that exist in the crypto space and the need for heightened security and vigilance.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: nexusplexus/123RF // Image Effects by Colorcinch
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