Hackers Steal 5.4 Trillion SHIB. Here’s How It Happened

A significant security breach has compromised India’s leading cryptocurrency exchange, WazirX. In a coordinated attack, hackers siphoned off over 5 trillion Shiba Inu (SHIB) and a substantial amount of other digital assets, totaling approximately $230 million.

Blockchain analytics firm Lookonchain was among the first to publicly disclose the incident, identifying an unknown wallet, 0x04b…91a88, as the recipient of the stolen funds. The platform observed an unusual transfer of multiple cryptocurrencies from WazirX to this address.

Shiba Inu constituted the most significant portion by value of the stolen assets. The hackers made off with 5,433,750,000,000 SHIB, equivalent to approximately $102.1 million at the time of the theft. This substantial loss has sent shockwaves through the cryptocurrency community.

The stolen funds extended beyond Shiba Inu, encompassing diverse cryptocurrencies. The hackers acquired 15,298 Ethereum (ETH), 20.5 million Polygon (MATIC), 240.27 billion Pepe (PEPE), 5.79 million Tether (USDT), and 135.11 million Gala (GALA), among other digital assets.

Where Are the Stolen Funds Now?

Following increased scams and attacks within the SHIB community, these hackers set their sights on a major exchange. A subsequent analysis by Lookonchain indicates that the hackers have initiated the process of liquidating the stolen assets. The unknown wallet’s current value of $77.73 million suggests that approximately $152.24 million worth of cryptocurrencies have already been sold.

The hackers employed a multi-step approach to dispose of the stolen SHIB tokens. In one instance, nearly 1 trillion SHIB, valued at $17.5 million, was transferred to another address labeled “WazirX Exploiter 2.” CryptoQuant, a leading on-chain data analytics provider, warns that the remaining SHIB could be converted into Ethereum at any time.

The repercussions of this cyberattack have extended beyond the immediate financial loss for WazirX. The price of Shiba Inu has experienced a sharp decline of over 9% within 24 hours of the incident.

While the broader cryptocurrency market’s bearish trend contributed to this drop, the theft undoubtedly exacerbated the situation. Shiba Inu currently holds the unenviable position of being the worst-performing asset among the top 20 cryptocurrencies by market capitalization.

As investigations into the breach continue, the cryptocurrency industry remains on high alert. The war against scammers in the crypto market is in full swing, and the theft of such a substantial amount of digital assets highlights the ongoing challenges faced by exchanges in safeguarding user funds.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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