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Hackers exploited a vulnerability in WazirX, stealing $102 million worth of Shiba Inu, causing significant concern among SHIB holders.
Magnitude of the WazirX Hack
WaxirX, an Indian cryptocurrency exchange, is the most recent site to fall prey to these flaws since they were discovered.
According to Lookonchain, a well-known on-chain tracker on the X (formerly known as Twitter) platform, fraudsters allegedly took use of the WazirX vulnerability. The on-chain tracker indicates that the hackers were successful in stealing multiple crypto assets from WazirX, which were valued at more than $230 million individually.
Details of the Theft
Shiba Inu was the most commonly stolen cryptocurrency asset, followed by Ethereum, MATIC, PEPE, USDT, GALA, and a few other cryptocurrencies. Shiba Inu was the most valuable cryptocurrency asset. To be more specific, the crooks stole almost 5.43 trillion SHIB, which is equivalent to a staggering $102 million, from the cryptocurrency exchange.
It was reported by Lookonchain (via Bitcoinist.com) that the wallet address of the cryptocurrency platform, WazirXIndia, was observed sending the cash to an unknown wallet address, which was 0x04b2. Since the attack, the tracker has observed that the wallet address has been dumbing the stolen money. This is because the invaders have sold about 640.27 billion PEPE, which is equivalent to over $7.6 million.
Impact on SHIB Holders
Investors in cryptocurrencies are extremely concerned about the security breach that occurred on WaxirX, particularly those who have SHIB tokens on the exchange. This is what prompted Lucie, a member of the Shiba Inu team, to send a sincere letter to SHIB victims who were affected by the hack:
In addition, Kaal Dhairya, the developer of the project, has conveyed his condolences to the SHIB holders who were affected by the hack:
This hack shows how important crypto exchanges are to combat cyber assaults and protect investors' wealth to retain digital asset sector credibility.
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