Trouble for Shiba Inu (SHIB)? Major Exchange Attack Leads to Millions in Losses

SHIB’s stock price fell earlier today, losing around 7% of its value at one point. It has since managed to erase some of the losses, but tensions remain as the entire market is currently in a bear market.

The main reason behind the decline of Shiba Inu today

Earlier today, India’s leading cryptocurrency exchange, WazirX, announced, Reported One of its multi-signature wallets was hacked. The loss amounted to more than $230 million.

A cyber attack occurred on one of our multi-signature wallets resulting in the loss of funds exceeding $230 million. This wallet has been operating using Liminal’s digital asset custody services and wallet infrastructure since February 2023.

$100 million of that amount was in SHIB tokens, and that appears to be the main reason behind the drop earlier today.

Because of this, tokens listed on WazirX, including SHIB, BTC, and even the USDT stablecoin, are trading at a significant discount to the Indian Rupee compared to their global and even local prices. This indicates liquidity issues and increased selling pressure.

What’s next for SHIB price?

like cryptopotato As reported earlier today, despite the price decline, some other important metrics have risen in stark contrast.

For example, the burn rate increased by 450%, which is likely due to increased volatility. However, this has led to more SHIB tokens being withdrawn from circulation, which is ultimately a positive factor for the remaining coins in terms of price.

Meanwhile, Shiba Inu whales are also heading towards shopping. According to IntoTheBlock, the total daily volume of transactions over $100,000 has risen to $900 million, an increase of 1,800%.

Other metrics related to the Ethereum protocol’s layer-2 scaling solution – Shibarium – are also on the rise.

Overall, it seems that Shiba Inu has been largely unaffected despite the turmoil caused by the WazirX scandal. For more updates, please check out our Shibarium news.