SHIB Top Dev Issues Crucial Warning to Shiba Inu Army

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As a long-term crypto investor with several years of experience under my belt, I can’t stress enough how important it is to control your own keys and not rely on exchanges to secure your investments. The recent hack of Wazir, India’s largest cryptocurrency exchange, serves as a stark reminder of this fundamental principle in the crypto world.

Top Shiba Inu developer Kaal Dhairya, working with the Shiba Inu team, has used his X social media platform to issue a warning to SHIB users and the entire global cryptocurrency community.

A hacker recently breached Wazir, India’s biggest cryptocurrency exchange, resulting in the theft of numerous Shiba Inu tokens worth several trillions. The thief has started selling these tokens today.

SHIB dev’s important warning

Kaal Dhairya, a trusted associate of SHIB‘s enigmatic leader Shytoshi Kusama, attended a public gathering in Mumbai, India alongside him this month. Dhairya’s recent statement regarding the Wazir hack has sparked intrigue within the SHIB community. His phrase, which is already resonating in the crypto sphere, emphasizes the risks of holding cryptocurrencies on public exchanges.

Based on my extensive experience in the world of cryptocurrency and having gone through the learning curve myself, I strongly believe that “It’s not about their keys, it’s about your crypto.” This sentiment highlights the crucial importance of maintaining personal control over the private keys that secure your digital wallet. It’s a lesson I wish I had learned earlier in my crypto journey.

Based on a recent update from @CybersAlerts, it is reported that the Secure Multi-Signature Wallet of the Wazir exchange has been breached, resulting in a loss of approximately $234.9 million in cryptocurrency for the hacker.

Not your keys not your crypto

β€” Kaal (@kaaldhairya) July 18, 2024

As a seasoned cybersecurity expert with years of experience under my belt, I can’t help but be alarmed by the latest report from analytics account @lookonchain. According to their findings, a cybercriminal has managed to steal an astonishing haul of digital assets. The total value of this theft? A staggering $122 million.

SHIB price plunges following hack

The price of the second largest cryptocurrency with a theme centered around dogs, SHIB, dropped over 11% in response to the mentioned incident and the hacker’s withdrawal of a massive 5.43 trillion coins. This event resulted in several large red candles appearing on the hourly chart for SHIB.

I analyzed the price trends of SHIB and noticed a slight increase that allowed it to reclaim the $0.00001736 mark following its drop from $0.00001993.

The SHIB marketing head Lucie remarked that the pilfered SHIB quantity was substantial yet insignificant next to the coin’s total trading volume. Despite this, she encouraged the SHIB community to view the price decline as a chance to purchase at a discount and advised against panic.

I deeply empathize with you, SHIB investors. I fervently wish for everyone to recover their losses and for WazirXIndia to resolve the issue at hand. Although the amount involved is substantial in this context, it pales in comparison to SHIB’s total trading volume. Let this serve as motivation; I, for one, will make the most of this situation. Rest assured, there’s no need for alarm – we have faced similar challenges before.β€” π‹π”π‚πˆπ„ (@LucieSHIB) July 18, 2024

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2024-07-18 18:21