Attention Shiba Inu Community, Developer Issues Critical Warning

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As a seasoned financial analyst with extensive experience in the crypto market, I cannot help but express my deep concern following the recent hack attack on WazirX and the significant losses incurred by Shiba Inu (SHIB) investors. Having closely monitored the market trends and developments within the SHIB community, I am dismayed to see this turn of events.

A notable figure in the development of Shiba Inu (SHIB) has sounded the alarm to the community regarding a hacking incident that occurred on WazirX, resulting in substantial monetary damages for various SHIB investors.

Developer’s Warning To SHIB Community

On July 18th, Kaal Dhairya, a highly connected developer working closely with Shytoshi Kusama, the anonymous head of SHIB development, issued a cautionary message on X (previously known as Twitter) to the community. He drew attention to a recent cyberattack that had struck WazirX, a well-known crypto exchange based in India.

As a crypto investor, I’ve come across worrying news regarding WazirX exchange. Reports suggest that the platform experienced a major security breach, resulting in around $235 million in crypto assets being transferred out of it. To emphasize the significance of this matter, Dhairya cautioned us in his post with the reminder: “If you don’t have control over your wallet private keys, then you don’t truly own your crypto.”

As a researcher, I came across a noteworthy post by Cybers Alerts, a real-time security alert platform. According to their report, approximately $234.9 million in funds were transferred from the WazirX crypto exchange to a newly identified address. Each transaction was funded through TornadoCash, a well-known mixer service designed to obfuscate the origin and destination of cryptocurrency transactions.

Malicious actors managed to gain unauthorized access to WazirX’s secure wallet on the security alert platform, resulting in a substantial theft of Pepe (PEPE), Tether (USDT), Gala (GALA), and Ethereum (ETH).

As a seasoned cryptocurrency enthusiast with years of experience in the digital asset market, I cannot help but be alarmed by the recent WazirX security breach that saw over $100 million worth of Shiba Inu tokens and approximately $4.7 million worth of Floki coins stolen from unsuspecting investors. The extent of this hack’s impact on the Shiba Inu community, as well as the broader crypto market, is a cause for serious concern.

From a different perspective, Arkham Intelligence revealed that ZachXBT provided conclusive proof of a deposit address connected to know-your-customer (KYC) data, which was used by the harmful attacker to acquire funds. This development may bring WazirX a step closer to resolving the hack and identifying the criminals involved.

Shiba Inu Price Plummets Following Hack Attack

After the hacking incident that resulted in over $100 million being stolen from SHIB token holders, the price of Shiba Inu experienced a significant drop. Despite performing fairly well over the past few weeks with minor gains, the market conditions took an unexpected turn causing the price to decline.

With the latest attack, there may be growing pessimism towards Shiba Inu as its value has taken a significant hit. Based on CoinMarketCap’s figures, the meme coin’s price has dropped by a sharp 6.39% and now hovers beneath the $0.00002 threshold.

As a researcher studying the cryptocurrency market, I’ve observed an astonishing 255.83% surge in Shiba Inu (SHIB) trading volume over the past 24 hours. However, despite this significant increase, SHIB’s price has dipped to $0.0000175 at present. Just recently, its value had risen to approximately $0.000019. This unexpected downturn has halted SHIB’s upward trend, leaving investors contemplating whether they should reassess their investment strategies.

Attention Shiba Inu Community, Developer Issues Critical Warning

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2024-07-19 17:41