A prominent Shiba Inu (SHIB) The developer has issued a critical warning to the SHIB community about a hacking attack on WazirX, which has already resulted in significant financial losses for several SHIB investors.
Developer Warning to the SHIB Community
On July 18, Kaal Dhairya, a leading developer in close contact with Shytoshi KusamaSHIB’s pseudonymous lead developer, took to X (formerly Twitter) to warn community members about a new hacking attack targeting investors. Dhairya brought the community’s attention to the recent hack on WazirX, a major Indian crypto exchange.
According to reportsWazirX suffered a massive security breach, which resulted in approximately $235 Million in Crypto Assets be moved out of its exchange. In his post, Dhairya wrote, “Not your keys, not your crypto,” indicating the importance and necessity for investors to protect all information about wallets’ private keys to safeguard their crypto assets.
The Shiba Inu developer also highlighted a job by Cyvers Alerts, a real-time security alerting platform. According to Cyvers Alerts’ report, $234.9 million in funding came from WazirX crypto exchange were transferred to a new address, with each transaction funded by “TornadoCash”.
The security alert platform revealed that WazirX’s secure wallet had been compromised by malicious actorsAs a result, significant amounts of Pepe (PEPE), Tether (USDT), Gala (GALA), and Ethereum (ETH) were stolen by the suspicious wallet.
Additionally, a 2D investigator identified as “ZachXBT” on X disclosed in a Post on Telegram that the attacker stole over $100 million worth of Shiba Inu tokens and approximately $4.7 million worth of Floki (FLOKI) coins. Given the extent of the hack to Shiba Inu InvestorsDhairya made WazirX security vulnerability known to protect SHIB Community Members and crypto investors in general.
On the other 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 and uncovering the identities of the malicious actors
Shiba Inu Price Drops Following Hack Attack
Following the hacking attack which saw over $100 million worth of SHIB tokens stolen, the price of The Shiba Inu has divedrecording unexpected declines. Over the past few weeks, Shiba Inu has performed relatively well, recording slight gains as market conditions improved.
However, with the recent attack, a bearish sentiment might have set in for the popular meme currency. According to data from CoinMarketCap, Shiba Inu Price fell 6.39% and is trading further below the $0.00002 mark.
Despite a massive 255.83% increase in its 24-hour trading volume, SHIB’s price is still down at $0.0000175 at the time of writing. Not long ago, its value spiked to around $0.000019, but further declines have interrupted its upward momentum, leading investors to potentially reevaluate their positions.
Featured image created with Dall.E, chart by Tradingview.com
