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Shiba Inu (SHIB) was affected by a $230 million hack on India's largest cryptocurrency exchange, WazirX.
Details of the Breach
A significant security breach has been realized by Cyvers Alert, which has affected WazirX, which is the largest cryptocurrency exchange in India.
U.Today reports that $234.90 million dollars' worth of cash was transferred to a different address as a consequence of the detection of multiple suspicious transactions on the Ethereum network that used the Safe Multisig wallet employed by the exchange. The transactions were carried out by entities that were funded by Tornado Cash, which is a notorious cryptocurrency pooling platform.
A number of different digital assets, such as PEPE, GALA, and USDT, have been actively traded for ETH by the hacked address. In spite of the fact that attempts have been made to get in touch with WazirX, there has been no response, which indicates that it is highly likely that a hostile actor has taken control of the secure wallet.
Magnitude of the Loss
These enormous transactions were initially discovered by Whale Alert, which highlighted a particular withdrawal of 5.4 trillion SHIB from WazirX to an unknown wallet. The total value of this transaction was evaluated at $102.13 million.
According to additional research conducted by Lookonchain, the entire amount of cryptocurrency that was taken is comprised of the following: 5.43 trillion SHIB (totaling $102 million), 15,298 ETH (totaling $52.5 million), 20.5 million MATIC (totaling $11.24 million), 640.27 billion PEPE (totaling $7.6 million), 5.79 million USDT, and 135 million GALA (totaling $3.5 million).
WazirX is a significant cryptocurrency exchange in India that was established in 2018. It provides buyers and sellers with a platform for trading a wide range of digital assets. Over sixteen million people have signed up for it, making it a huge user base.
Community Reaction
Due to the latest security breach, there are now significant concerns over the platform's security procedures as well as the protection of users' funds. We have not yet received any information from the exchange.
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