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Home»BLOCKCHAIN NEWS»Shiba Inu SHIB Drops 8% After WazirX Exchange Exploitation
BLOCKCHAIN NEWS

Shiba Inu SHIB Drops 8% After WazirX Exchange Exploitation

By Crypto FlexsJuly 18, 20242 Mins Read
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Shiba Inu SHIB Drops 8% After WazirX Exchange Exploitation
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Key Points

  • Shiba Inu (SHIB) token fell 8% following the news of the WazirX hack.
  • This attack is the latest in a series of attacks targeting global cryptocurrency exchanges, including BtcTurk and DMM Bitcoin.

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According to data from CoinGecko, Shiba Inu’s SHIB token fell 8% following a security breach targeting major Indian cryptocurrency exchange WazirX on Thursday. SHIB recovered slightly after hitting a low of $0.00001734, but the bounce was short-lived.

The vulnerability, first discovered by security firm Cyvers Alert, is estimated to have resulted in the loss of more than $230 million in cryptocurrency assets.

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

Shortly after news of the incident broke, on-chain sleuth ZachXBT reported that the hacker still held $100 million worth of Shiba Inu (SHIB) and $4.7 million worth of Floki Inu (FLOKI).

SapphireSapphire

WazirX has become the latest cryptocurrency exchange to be targeted by a cyberattack. Last month, Turkey’s largest cryptocurrency exchange, BtcTurk, suffered a security breach that caused Avalanche’s AVAX tokens to drop 10%.

In May, DMM Bitcoin suffered a cyberattack that resulted in the loss of 4,502.9 Bitcoins (BTC), equivalent to over $300 million.

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