WazirX Hack Results in Theft of $230M+ Worth of Crypto, Including 5.4 Trillion SHIB Tokens

Hacker starts selling off SHIB, causing price to drop over 10% as investors fear further selling pressure.

After a major crypto heist, where hackers stole over $230 million from digital asset exchange WazirX, the stolen SHIB tokens are being sold off by the attacker. This selling spree has caused the price of SHIB to drop drastically.

Initially, the attacker obtained a total of 5.433 trillion SHIB tokens. However, according to recent data from Lookonchain, the hacker has sold 35 billion SHIB tokens, which is currently valued at around $618,000. Despite these sales, the attacker still holds 5.4 trillion SHIB tokens, which is currently valued at around $95.45 million.

This selling activity has had a significant impact on the price of SHIB, which has dropped by over 10.6% in the past few hours and is now trading at approximately $0.00001737. The price of SHIB has been under pressure in recent times, despite a massive 874% increase in the burn rate of SHIB tokens on Friday.

However, the selling activity is raising concerns within the crypto community, especially among SHIB investors, who are worried that the selling pressure could continue to drive down the price of SHIB. Many fear further price drops as the hacker continues to sell small portions of their SHIB tokens. With a massive 5.4 trillion tokens still in possession, concerns are mounting that more selling could further depress SHIB’s value. Meanwhile, the Relative Strength Index (RSI) for SHIB stands at 53, indicating neutral territory but reflecting cautious investor sentiment.

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