India’s largest cryptocurrency exchange WazirX has been hacked by malicious actors. The exchange has lost nearly $235 million in the hack. According to LookOnChain data, the attackers have stolen 5.43 trillion Shiba Inu (SHIB) tokens, worth an astronomical $102 million.
Also Read: India’s Largest Cryptocurrency Exchange Hacked For $235 Million
Apart from SHIB, the attackers have stolen $52.5 million worth of Ethereum (ETH), $11.24 million worth of Polygon (MATIC), $7.6 million worth of Pepe (PEPE), $5.79 USDT, and $3.5 million GALA.
Will Shiba Inu face a price correction?
According to LookOnChain, the hackers have already begun selling the stolen assets. If $102 million worth of SHIB tokens are dumped on the market, it may lead to considerable selling pressure. The move may cause a price correction for the popular memecoin.
Shiba Inu has already faced a price dip over the last few weeks. The hack may have already caused some panic in the market as SHIB has fallen by nearly 9% in the daily charts and 2.9% in the monthly charts. SHIB continues to maintain some gains in the weekly and 14-day charts, rallying 5% and 13.8%, respectively. The hack may lead to other investors selling their SHIB holdings as fear takes over.
WazirX has issued a statement saying that the platform is investigating the matter. The exchange has also halted crypto and INR (Indian Rupee) withdrawals from the platform.
Also Read: Shiba Inu: $25 Monthly Since Launch is Worth $34 Million Today
The transaction’s caller is reportedly funded by the crypto mixer Tornado Cash. According to the Telegram channel “Investigations by ZachXBT,” the hackers still have over $100 million worth of assets in their possession, which they are most likely to sell.
Other assets, apart from Shiba Inu, which may face a correction due to the hack include, Ethereum, MATIC, Pepe, and GALA.
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