Shiba Inu's SHIB down 8% following WazirX exchange exploit

Vivian Nguyen

Jul. 18, 2024

The incident is under investigation, according to WazirX.

Shiba Inu's SHIB down 8% following WazirX exchange hack

Key Takeaways

Shiba Inu (SHIB) token declined by 8% following the news of the WazirX hack.
The exploit is the latest in a series of attacks on global crypto exchanges, including BtcTurk and DMM Bitcoin.

Shiba Inu’s SHIB token experienced an 8% decline following a security breach that targeted WazirX, India’s leading crypto exchange, on Thursday, according to data from CoinGecko. SHIB slightly recovered after hitting a low of $0.00001734, but the resurgence was short-lived.

First discovered by security firm Cyvers Alert, the exploit is estimated to have caused a loss of over $230 million in crypto assets.

WazirX confirmed the attack, adding that it is currently investigating the incident. To protect user funds, the exchange has temporarily suspended Indian rupee (INR) and crypto withdrawals.

Shortly after the incident news surfaced, on-chain detective ZachXBT reported that the hacker still had $100 million in Shiba Inu (SHIB) and $4.7 million in Floki Inu (FLOKI).

WazirX became the latest crypto exchange to be targeted by cyberattacks. Last month, BtcTurk, Turkey’s largest crypto exchange, was hit by a security breach that caused Avalanche’s AVAX token to drop 10%.

In May, DMM Bitcoin fell victim to a cyberattack that resulted in a loss of 4.502,9 Bitcoin (BTC), equivalent to over $300 million.

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