A prominent Shiba Inu (SHIB) developer has a Critical Warning for the SHIB Community about a hack attack on WazirX, which has already resulted in significant financial losses for several SHIB investors.
Developer’s warning to the SHIB community
On July 18, Kaal Dhairya, a top developer who has close contact with Shytoshi Kusamathe pseudonymous SHIB lead developer, went to X (formerly Twitter) to warn community members about a new hack attack targeting investors. Dhairya brought the community’s attention to the recent hack on WazirX, a leading Indian crypto exchange.
According to reportsWazirX has suffered a massive security breach, resulting in approximately Crypto assets worth $235 million is being moved out of his exchange. In his post, Dhairya wrote: “Not your keys, not your crypto,” indicating the importance and necessity for investors to protect all information about the wallet’s private keys to protect their crypto assets.
The Shiba Inu developer also emphasized a after by Cyvers Alerts, a real-time security alert platform. Based on the Cyvers Alerts report, $234.9 million in funds from the WazirX crypto exchange were transferred to a new address, with each transaction caller funded by “TornadoCash.”
The security alert platform revealed that WazirX secure wallet was compromised by malicious actorsAs a result, significant amounts of Pepe (PEPE), Tether (USDT), Gala (GALA), and Ethereum (ETH) were stolen from the suspicious wallet.
Additionally, a 2D researcher identified as ‘ZachXBT’ was revealed on X in a Telegram message that the attacker stole over $100 million worth of Shiba Inu tokens and approximately $4.7 million worth of Floki (FLOKI) coins. Given the expansion of the hack to Shiba Inu InvestorsDhairya has been spreading awareness about the WazirX security breach to Members of the SHIB community and general crypto investors.
On the other hand, Arkham Intelligence announced That ZachXBT had provided definitive evidence of a KYC-linked deposit address used by the malicious attacker to receive funds. This potentially brings WazirX closer to solving the hacking problem and revealing the identities of the malicious actors
Shiba Inu Price Drops After Hack Attack
According to the hack attack where over $100 million worth of SHIB tokens were stolen, the price of Shiba Inu took a divewith unexpected declines. In recent weeks, Shiba Inu has performed relatively well, with slight gains as market conditions improved.
However, with the recent attack, a bearish sentiment may have emerged for the popular meme coin. According to data from CoinMarketCap, The price of Shiba Inu has dropped a staggering 6.39% and is now trading further below the $0.00002 price.
Despite a massive 255.83% surge in 24-hour trading volume, SHIB’s price is still down to $0.0000175 at the time of writing. Not long ago, the value was up to around $0.000019, but fresh drops have interrupted the upward momentum, potentially causing investors to reevaluate their positions.
Main image created with Dall.E, chart from Tradingview.com