Shiba Inu Update: Indian Exchange Loses Over 5 Trillion SHIB in Recent Hack
The SHIB on-chain data has revealed that over 5 trillion Shiba Inu coins, worth $102.12 million, were illicitly moved from the WazirX crypto exchange. The transfer was initiated by the whale address 0x04b21735, which is linked to an exploiter responsible for draining over $230 million worth of crypto from the Indian exchange through a hack.
It’s important to note that Shytoshi Kusama, Shiba Inu’s lead developer, recently visited Mumbai, India. This visit and the subsequent exploitation have sparked discussions across the market.
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Despite an 874% surge in the burn rate, with nearly 8 million coins incinerated in the past 24 hours, the SHIB price has dipped and traded in the red zone, aligning with the broader market trend. This has led to speculations of a potential SHIB recovery alongside the broader market.
Market Trends and SHIB Marketing Head Reaction
At present, SHIB’s price has decreased by 4.72% to trade at $0.00001858. The token’s 24-hour lows and highs were $0.00001856 and $0.00001941, respectively. The RSI is at 53, indicating that the Shiba Inu coin is currently neither overbought nor oversold.
Following the hack, SHIB executives have expressed concerns. The meme coin’s marketing lead, LUCIE, stated, ‘I sincerely hope all $SHIB holders get their money back and WazirX India fixes this.’ Executive Kaaldhairya commented, ‘Really sad, stay strong #SHIBARMY.’
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