Major security incident in the cryptocurrency circle!

Shiba Inu coin plummets!

WazirX, one of India's premier cryptocurrency exchanges, suffered a serious security incident today. More than $230 million in crypto assets were stolen as a result of a sophisticated hacking operation. The intrusion involved multiple digital currencies, with Shiba Inu coin being one of the hardest hit.

The attack has raised serious concerns not only about WazirX's security measures, but also about the overall security measures of centralized exchanges (CEX). Given the scale and precision of the attack, speculation and panic have begun as news spread.

Market Reaction and Analysis

Meanwhile, the price of the Shiba Inu token has slipped, falling 4.72% to trade at $0.00001858. Despite Shibburn reporting a sharp increase in the destruction rate of 874%, the SHIB token has not been able to withstand the broader market pressure. Nearly 8 million SHIB tokens were destroyed in the past 24 hours, but this did little to boost the token's price.

The decline may be in line with the prevailing bearish trend in the cryptocurrency market. The Shiba Inu's relative strength index (RSI) is slightly biased towards the buy zone of 53, suggesting that the market may rebound, but this depends on the broader market recovery.

The security incident at WazirX highlights the inherent vulnerabilities of cryptocurrency exchanges. The loss of a large amount of funds, especially 5.43 trillion SHIB coins, is a clear reminder of the need for enhanced security protocols across the industry. As the market continues to react, stakeholders will closely watch how WazirX and the affected parties respond to this breach. We urge investors to stay informed and exercise caution in the volatile world of digital assets.

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