A prominent Shiba Inu (SHIB) developer has issued a critical warning to the SHIB community about a hack attack on WazirX, which has already led to significant financial loss for several SHIB investors.
Developer’s Warning To SHIB Community
On July 18, Kaal Dhairya, a top developer in close contact with Shytoshi Kusama, the pseudonymous SHIB lead developer, took to X (formerly Twitter) to warn community members about a new hack attack targeting investors. Dhairya brought the community’s attention to the recent hack on WazirX, a prominent Indian crypto exchange.
According to reports, WazirX suffered a massive security breach, which led to approximately $235 million worth of crypto assets being moved out of its exchange. In his post, Dhairya wrote, “Not your keys, not your crypto,” indicating the importance and need for investors to safeguard all information about wallet private keys to protect their crypto assets.
The Shiba Inu developer also highlighted a post by Cyvers Alerts, a real-time security alerts platform. Based on the Cyvers Alerts report, $234.9 million in funds from the WazirX crypto exchange were transferred to a new address, with each transaction caller funded by “TornadoCash.”
The security alert platform revealed that WazirX’s safe wallet had been compromised by malicious actors. As a result, significant amounts of Pepe (PEPE), Tether (USDT), Gala (GALA) and Ethereum (ETH) were stolen by the suspicious wallet.
Furthermore, a 2D investigator identified as ‘ZachXBT’ on X disclosed in a Telegram post that the attacker swiped over $100 million worth of Shiba Inu tokens and about $4.7 million worth of Floki (FLOKI) coins. Given the hack’s extension to Shiba Inu investors, Dhairya has spread awareness of the WazirX security breach to protect SHIB community members and general crypto investors.
On the flip side, Arkham Intelligence disclosed that ZachXBT had submitted definitive evidence of a KYC-linked deposit address used by the malicious attacker to receive funds. This potentially brings WazirX closer to solving the hack issue and uncovering the identities of the malicious actors
Shiba Inu Price Plummets Following Hack Attack
Following the hack attack which saw over $100 million worth of SHIB tokens being stolen, the price of Shiba Inu took a nosedive, recording unexpected declines. Over the past few weeks, Shiba Inu has performed relatively well, witnessing slight gains as market conditions improved.
However, with the recent attack, bearish sentiment may have set in for the popular meme coin. According to CoinMarketCap’s data, Shiba Inu’s price has plummeted by a staggering 6.39% and is trading further below the $ 0.00002 price mark.
Despite experiencing a massive 255.83% increase in its 24-hour trading volume, SHIB’s price is still down to $0.0000175 as of writing. Not too long ago its value soared to about $0.000019, however, new declines have interrupted its upward momentum, causing investors to potentially reevaluate their positions.