As a seasoned crypto investor with several years of experience under my belt, I have seen my fair share of market volatility and exchange hacks. The recent hack of WazirX, a popular Indian cryptocurrency exchange, and the subsequent selling pressure on Shiba Inu (SHIB) has left me feeling uneasy.
The value of Shiba Inu (SHIB) has dropped by over 10% in a short time, primarily due to intense selling triggered by news of the hack on crypto exchange WazirX. At present, the SHIB price stands at $0.00001714, and its market capitalization is $10.1 billion.
According to blockchain data, an exploiter successfully pilfered approximately 5.4 trillion SHIB tokens, equivalent to around $100 million, from the WazirX platform. It is said that this individual has commenced selling vast amounts of these SHIB coins on the open market. This unfolding situation has raised concerns about Shiba Inu’s near-term prospects.
The individual who exploited WazirX is now disposing of their $SHIB tokens, having sold 35 billion coins worth approximately $618,000. Currently, they possess a substantial amount of 5.4 trillion $SHIB, equivalent to around $95.45 million.
— Lookonchain (@lookonchain) July 18, 2024
In addition to Shiba Inu, the hacker successfully acquired a substantial amount of cryptocurrencies, including:
According to Elliptic’s findings, North Korea’s infamous Lazarus Group is believed to be behind the recent hack. This cybercrime group has previously made off with billions of dollars in cryptocurrencies over the past few years. Tom Robinson, Elliptic’s co-founder, confirmed this in an email to Bloomberg.
“The connection to North Korea is supported by the fact that these hackers have utilized comparable services in previous attacks, along with consistent patterns in their financial transactions.”
Based on information from Yajin Zhou, the chief executive officer of cybersecurity company BlockSec, the incident was caused when a private key, which allowed entry to the digital wallet, was compromised.
Based on my extensive experience in the field of cryptocurrencies and blockchain technology, I can tell you that this scenario is a classic example of a sophisticated hacking attack. The leaked private keys are used by the attacker to gain unauthorized access to a multi-signature wallet, which holds a substantial amount of digital assets. This wallet requires multiple approvals before any transaction can be executed, adding an extra layer of security.
Shiba Inu’s Technical Chart Shows a Weakness
The price of the Shiba Inu meme cryptocurrency has decreased by 15% due to several reasons. These include encountering significant resistance at the upper boundary of its downward trendline, as well as facing hurdles from the red 50-day and blue 200-day exponential moving averages (EMAs), which were previously serving as support levels.
Photo: TradingView
The Shiba Inu community has responded calmly to recent developments, reassuring members that there’s no need for undue worry. Meanwhile, Lucie, the marketing lead for Shiba Inu, has voiced her concern for investors in India specifically.
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2024-07-18 17:42