Why SHIB fell despite Bitcoin’s recovery;
Earlier this week, Indian cryptocurrency exchange WazirX was hacked for around $235 million. Many well-known cryptocurrencies were stolen in the hack, including market leaders such as Polygon and Ethereum. However, the stolen Shiba Inu coins were the most valuable of the bunch.
While the stolen Ethereum tokens were worth $52.6 million and Polygon tokens were worth $11 million, the Shiba Inu tokens stolen by the criminals were worth a whopping $96.7 million. This is not surprising, as Shiba Inu has been the most traded cryptocurrency on the exchange.
The popularity of SHIB tokens on the WazirX exchange was also the reason why the price of Shiba Inu was severely affected. Given that WazirX has become one of the most well-known exchanges for trading SHIB, the hack has sparked fear in the hearts of investors, who are concerned about what the malicious actors will do after the attack.
The cryptocurrency market saw some declines as a result of the hack, but recovered quickly. However, when the cryptocurrency market began to rebound again, the Shiba Inu had succumbed to bearish pressure, losing about 10% of its value.
Although the cryptocurrency market seems to be moving on from the WazirX hack, the price of the Shiba Inu is still under great pressure. So far, most of the Shiba Inu tokens stolen by the hacker have been sold and converted to Ethereum. According to data from the on-chain data tracking platform Spot On Chain, the hacker has converted $90.2 million worth of SHIB to ETH, while converting $10.2 million worth of MATIC and $7.5 million worth of PEPE to ETH.
So far, about $150 million has been converted to ETH, putting great pressure on the price of Shiba Inu. The exploiter account currently holds 59,087 ETH, worth $201 million, and other small balances are held in altcoins such as CHR, CELR, and OOKI.
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