India’s largest crypto exchange, WazirX, becomes the latest victim of a massive heist as hackers make off with over 5 trillion Shiba Inu (SHIB) and other digital assets.
Popular blockchain analytics platform Lookonchain alerted the public to the development in the hours before press.
According to Lookonchain, several crypto assets worth approximately $230 million were abnormally transferred from WazirX to an unknown address 0x04b…91a88.
Update:#WazirX he has $230 million worth of stolen property. Including:
5.43T $SHIB($102 million)
15,298 $ETH($52.5 million)
20.5 million $MATIC($11.24 million)
640.27B $PEPE($7.6 million)
5.79 million $ USDT
135 million $GALA($3.5 million)
…‼️Please note that the hacker is selling these assets! https://t.co/1uOozAVeM1 https://t.co/ogtVSFITK9 pic.twitter.com/3vPmxqXwbL
— Lookonchain (@lookonchain) July 18, 2024
The Shiba Inu ranks as the biggest asset stolen from WazirX
Of the total stolen assets, Shiba Inu is the largest cryptocurrency by dollar value drained from WazirX. Lookonchain noted that the attackers moved 5,433,750,000,000 (5.43 trillion) SHIB from the exchange. The 5.43 trillion SHIB tokens stolen from WazirX were worth $102.1 million at the time of publication.
Notably, leading crypto tracker Whale Alert also confirmed a large move of 5.43 trillion SHIB from WazirX to an unknown wallet.
🚨 🚨 🚨 🚨 🚨 5,433,752,465,343 #SHIB ($102,126,698) transferred from #WazirX to unknown wallethttps://t.co/PKrskBc0GL
— Whale Alert (@whale_alert) July 18, 2024
In addition to SHIB, the hackers also stole over 17 cryptocurrencies, including 15,298 ETH, 20.5 million MATIC, 240.27 billion PEPE, 5.79 million USDT, and 135.11 million GALA. Lookonchain noted that hackers are currently storing assets.
According to the latest updates, the hacker has started selling Shiba Inu.
Note that #WazirX exploiter started selling $SHIB!#WazirX exploiter sold 35B $SHIB($618,000) and currently holds 5.4t $SHIB($95.45 million). https://t.co/nRHmm24ZSl pic.twitter.com/DRzmaIbiqH
— Lookonchain (@lookonchain) July 18, 2024
Our investigation
The hackers’ address is currently valued at $77.73 million, indicating that the attackers blew away $152.24 million worth of property. Etherscan data confirms that the Shiba Inu is among the dumped assets.
The data reveals that the attackers moved the stolen SHIB in multiple transactions. One of these transactions involved the transfer of nearly 1 trillion SHIB, worth $17.5 million, in the hours before press to another address labeled WazirX Exploiter 2.
According to leading on-chain data analysis provider CryptoQuant, the stolen SHIB tokens could be sold for Ethereum at any time.
5.4T $SHIB was taken from the WazirX exchange.
These assets are likely to be sold #Ethereum at any time. pic.twitter.com/pI5qrKXA5w
— CryptoQuant.com (@cryptoquant_com) July 18, 2024
SHIB is down 9.1% in 24 hours
Meanwhile, the price of the Shiba Inu has fallen significantly over the past 24 hours. Data from CoinMarketCap shows that SHIB is down 9.10% to $0.00001750 in the last day.
Shiba Inu is currently the worst in the daily charts among the top 20 cryptocurrencies by market capitalization.
While the decline can be attributed to a bearish trend in the broader market, there are indications that robbery also played a role in SHIB’s slump.
Disclaimer: This content is informative and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to do their due diligence before making any investment decision. Crypto Basic is not responsible for any financial losses.
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