By Key Points
- WazirX suffers a massive security breach.
- Hackers steal 5.4 trillion Shiba Inu (SHIB).
- The total theft amounts to approximately $230 million.
- Stolen assets include ETH, MATIC, USDT, PEPE, and GALA.
In a shocking cyberattack, India’s leading cryptocurrency exchange, WazirX, experienced a significant security breach. Hackers managed to siphon off over 5.4 trillion Shiba Inu (SHIB) and various other digital assets, totaling an estimated $230 million.
This heist marks one of the most substantial crypto thefts in recent history, sending ripples through the digital currency community.
The Details of the Heist
Blockchain analytics firm Lookonchain was quick to expose the breach, identifying an unknown wallet, labeled 0x04b…91a88, as the destination for the stolen funds.
The transfer of multiple cryptocurrencies from WazirX to this wallet raised immediate red flags.
Hackers Steal 5.4 Trillion SHIB. Here’s How It Happened#Shiba #SHibaInu #SHIB $SHIBhttps://t.co/BIYfTbPw0L
— TimesTabloid (@TimesTabloid1) July 20, 2024
The hackers’ loot included:
- 5,433,750,000,000 SHIB (worth $102.1 million)
- 15,298 Ethereum (ETH)
- 20.5 million Polygon (MATIC)
- 240.27 billion Pepe (PEPE)
- 5.79 million Tether (USDT)
- 135.11 million Gala (GALA)
The Fate of the Stolen Assets
Following the attack, the hackers began liquidating the stolen assets. Lookonchain’s analysis revealed that the unknown wallet’s value had dropped to $77.73 million, indicating that around $152.24 million worth of cryptocurrencies had already been sold.
In one notable transaction, nearly 1 trillion SHIB, valued at $17.5 million, was transferred to another address labeled “WazirX Exploiter 2.” This move suggests a strategic approach to dispersing the stolen funds. CryptoQuant, another on-chain data analytics provider, warns that the remaining SHIB could be converted into Ethereum at any time, posing further risks to the market.
Impact on the Crypto Market
The cyberattack’s repercussions were immediate and severe. Shiba Inu’s price plummeted by over 9% within 24 hours of the breach, exacerbating the broader cryptocurrency market’s bearish trend. Shiba Inu now ranks as the worst-performing asset among the top 20 cryptocurrencies by market capitalization.
As investigations into the breach continue, the crypto industry remains on high alert. This incident underscores the ongoing challenges exchanges face in safeguarding user funds and highlights the relentless war against scammers in the crypto market.
