A major security breach affecting WazirX, India's largest cryptocurrency exchange, happened today. Multiple suspicious transactions involving the exchange's multisig hot wallet on the Ethereum network were detected, resulting in $234.9 million worth of funds being moved to a new address. These transactions were executed by entities funded through Tornado Cash.

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Amid this breach, the price of Shiba Inu (SHIB) has taken a painful dip. Currently, SHIB is down 6.87% from the start of today's trading session and is quoted at $0.0000173 per token. 

SHIB to USD by CoinMarketCap

The exploiter has already sold 35 billion SHIB, equivalent to around $700,000, contributing to the price decline. With 5.4 trillion tokens still in the explorer's possession, further troubles for SHIB's price are likely.

More sell pressure

More to the point, according to IntoTheBlock, 423.96 trillion SHIB wefe accumulated in the price range between $0.000018 to $0.00002 by 34,690 addresses. This is the exact price range from which Shiba Inu has dropped in the last two days. If the exploiter continues to dump trillions of stolen SHIB, holders of this large volume may be prompted to sell, putting additional pressure on SHIB's price.

Source: IntoTheBlock

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WazirX acknowledged the breach and mentioned that its team is actively investigating the incident. To ensure the safety of assets, INR and crypto withdrawals have been temporarily paused. The exchange has promised to keep users updated with further information.