As a seasoned financial analyst with extensive experience in the cryptocurrency market, I have witnessed numerous ups and downs, hacks, and breaches throughout my career. However, the recent security incident at WazirX, involving the theft of 5.43 trillion Shiba Inu tokens, is an unfortunate event that I believe should not be met with panic among the SHIB army.
Lucie, the marketing head of the Shiba Inu team, has addressed the community in a calming message. She urges everyone to avoid panic in response to the recent cyberattack on WazirX.
WazirX hacker sells trillions of SHIB
Lucie implored the SHIB community once more to remain calm in the face of potential anxiety following the recent cyberattack on India’s largest cryptocurrency exchange, WazirX. The attack resulted in the theft of approximately $249 million in digital assets. Among the stolen funds were 640.27 billion PEPE tokens, 15,298 Ethereum units, and an astounding 5.43 trillion Shiba Inu coins.
According to Lucie’s account, the hacker has successfully disposed of all the illegally obtained SHIB, raking in approximately 26,535 Ether or around $92 million worth of coins on the black market.
According to data from the widely used Smart Wallet tracker on X, major market players like Wintermute were observed buying large quantities of SHIB from decentralized exchanges (dexes) last week. Subsequently, these players moved the meme coins to centralized exchanges with the intention of selling them for arbitrage. The findings suggest that the price decline of SHIB was not as severe as it appeared. However, the sudden 11% dip on Thursday following the hack has made it more challenging for SHIB to approach the $0.00002 level and potentially reach the milestone of burning a zero.
In the last 24 hours, SHIB has made a small effort to regain some of its unexpectedly large price drop and has risen by approximately 4%. However, this progress was short-lived as another decline ensued, causing the meme coin’s value to decrease once more. At present, SHIB is being traded at $0.00001720 following a significant fall from $0.00001891 on Thursday.
On Thursday, a colossal SHIB transaction valued at approximately $63.3 million was identified by Whale Alert. This monumental transfer took place between unidentified crypto wallets and is rumored to be linked to the previously reported WazirX hack.
Lucie’s message to SHIB army
In an earlier post, Lucie expressed her sympathies towards the SHIB community, affected by the recent hack, and expressed optimism that those who had their Shiba Inu tokens stolen would be able to recover them.
Despite the unfortunate occurrence of the security breach and hack leading to the theft of a significant amount of SHIB tokens, it’s important to note that this represents only a small fraction of the total SHIB volume in circulation. Lucie proposes looking at this situation positively and using it as an opportunity to buy SHIB coins at a lower price due to the market dip.
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2024-07-19 11:56