$230 Million Hack Stuns India’s Largest Exchange, SHIB Skyrockets 874% in Major Metric, Ethereum Could Hit $4,000 Next Week: Crypto News Digest by U.Today

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As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and security breaches. Yesterday’s news about the $230 million hack at India’s largest exchange, WazirX, left me feeling a mix of disappointment and concern. My initial reaction was one of shock, as these incidents can have far-reaching consequences for both investors and the industry as a whole.

U.Today presents the top three news stories over the past day.

$230 million hack stuns India’s largest exchange: Shiba Inu (SHIB) and PEPE among affected

Yesterday, I received an alert from Cyvers Alert about multiple suspicious transactions linked to my Safe Multisig wallet on WazirX, India’s leading cryptocurrency exchange. I was shocked to learn that this exchange had experienced a massive security breach, resulting in the loss of approximately $234.90 million worth of crypto. The funds were transferred to a new address, each transaction being funded by Tornado Cash. According to Lookonchain, the stolen digital assets included SHIB, ETH, MATIC, PEPE, USDT, and GALA. In response, WazirX reported this incident to both the Financial Intelligence Unit (FIU) and CERT-In. Currently, they are working on tracing the stolen funds, recovering customer assets, and conducting a comprehensive analysis of the cyber attack.

Shiba Inu (SHIB) skyrockets 874% in major metric, Here’s why

After the WazirX hack, Shiba Inu’s price took a hit and dropped by nearly 10%. With over $230 million lost during the attack, around $102 million worth of SHIB tokens were affected. However, despite this setback, there was a positive development regarding Shiba Inu: its burn rate soared by an astounding 874.74% in the past 24 hours. Over 8.7 million SHIB tokens were sent to dead-end addresses, with a single transaction accounting for approximately five million tokens. This burning event was particularly noteworthy because it occurred at a time when Shiba Inu’s price needed a substantial boost to rebound from the aftermath of the WazirX hack.

Ethereum (ETH) to reach $4,000 next week? 10 ETFs launching

Ethereum could experience a substantial price surge in the coming days as ten Ethereum-based Exchange Traded Funds (ETFs), including those from VanEck, Fidelity, and Grayscale, are set to debut next week. The approval of these ETFs could potentially bring massive investments into Ethereum, mimicking the significant capital inflows Bitcoin experienced post-ETF approval. Historically, increased investor interest and subsequent price hikes have followed the approval of Bitcoin ETFs. If Ethereum ETFs follow a similar trend, Ethereum’s price could skyrocket, potentially reaching $4,000. However, it is important to exercise caution with such optimistic expectations. As of now, Ethereum is trading at $3,462, representing a 1.66% increase over the previous 24 hours, according to CoinMarketCap.

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2024-07-19 19:17