SHIB Sacked From India: Recent on-chain data has garnered major attention to SHIB, one of the largest meme coins in the market cap. Whale Alert disclosed today, July 18, that more than five trillion coins were transferred from an Indian cryptocurrency exchange to a specific address. The exploitation attack that was carried out on the Indian exchange is the primary reason why this tale has caused many people to feel excited about the Bitcoin environment. The following is a comprehensive report on the subject.
Over 5T Shiba Inu Coins Sacked From WazirX
Whale Alert’s on-chain data shows that today, the WazirX crypto exchange had 5.43 trillion coins stolen, worth $102.12 million. Notably, under Nischal Shetty’s leadership, WazirX has become one of India’s biggest CEXs. According to the records, the whale with the address 0x04b21735 made the transaction. Based on recent data, it appears that this address is associated with an exploiter. The Indian exchange lost over $230 million worth of cryptocurrency due to a hack.
Also, Shiba Inu’s principal developer, Shytoshi Kusama, was in Mumbai, India, not long ago. Due to the exploitation and Kusama’s visit, people are talking about the new deal all across the market. Meanwhile, Shiba Inu coin prices were red today, indicating a possible retreat.
SHIB Price Slips
At the time of this publication, the price of SHIB had dropped by 4.72%, reaching $0.00001858. The lowest price of the token in the past twenty-four hours was $0.00001856, and the highest price was $0.00001941. Although there was an increase of 874% in the burn rate today, according to the data provided by Shibburn, the token has been trading in the red zone. Over the previous twenty-four hours, it was reported that about eight million coins had been burned, although this did not increase.
The price drop that occurred today is primarily in line with the trajectory of the broader market, which has given rise to expectations that a SHIB recovery may occur concurrently with the recovery of the broader market shortly. At 53, the Relative Strength Index (RSI) moved toward the purchasing region, even though the Shiba Inu coin is neither overbought nor oversold.
Details of the Hack
Extremely intelligent cybercriminals, it is thought, took advantage of loopholes in the exchange’s security measures to pull off the hacking operation. Initial investigations indicate that the perpetrators obtained. The confidential login credentials of the exchange’s employees through a mix of malware and phishing attempts. Because of this, they were able to bypass several safeguards, such as two-factor authentication (2FA) and others.
Once inside, the hackers methodically moved huge amounts of SHIB tokens to other wallets, making it difficult for the exchange to track down and retrieve the stolen assets. Stolen SHIB caused one of the most major breaches in the history of Indian cryptocurrency exchanges, with a total value of millions of dollars.
Community and Market Reactions
The announcement has significantly impacted the SHIB community, which is well-known for its members who are full of life and enthusiasm. The hack is the subject of much discussion and controversy on various social media platforms and cryptocurrency communities. Many community members have voiced their dissatisfaction and irritation with the security breach, demanding. That Bitcoin exchanges always demonstrate greater openness and accountability.
The market’s reactions have likewise been very quick. After the news was disseminated, the value of SHIB witnessed a discernible decline, reflecting Turkey’s uneasiness regarding security concerns. Even though SHIB has demonstrated resiliency in the past, this occurrence has added uncertainty. That can impact its performance in the short run.
Final Thoughts
A clear illustration of the security issues confronting. The cryptocurrency sector is the delisting of SHIB from the Indian exchange due to a breach. The system’s flaws have been revealed, bringing attention to the necessity for stronger security measures. The breach has devastated the sector, but it has also given them. A chance to improve their security measures and create a more robust environment. Restoring faith and continuing the road to mainstream acceptability will be needed. SHIB and its investors to work together and concentrate on security. The road to recovery will be difficult but not impossible.
Also Read: Apple Leaves X Despite Musk’s Heat, Shiba Inu Warns Bearishly
