Indian exchange WazirX suffered a massive drainage on July 18, 2024, due to a security breach on one of the platform's multi-sig hot wallets.

On-chain sleuth ZachXBT reported that Shiba Inu (SHIB) was among the digital assets that took a huge hit during the incident.

On July 18, 2024, a substantial security breach on one of the Indian exchange WazirX’s multi-sig hot wallets resulted in a massive drainage of the platform’s reserves. According to on-chain sleuth ZachXBT, Shiba Inu (SHIB) was among the digital assets that suffered a huge blow during the incident.

SHIB Price Slips Following Suspicious 3.63T Transfer

In a hacking incident that has reduced WazirX’s reserve by $230 million, Shiba Inu’s gargantuan transfer of 3.63T has immediately raised suspicions. The massive transfer, which occurred at 00:30 UTC on July 18, 2024, was followed by SHIB's price dropping from $0.00001872 to $0.00001749 over two hours.

The sudden dip in SHIB’s price sparked speculation among crypto enthusiasts in X, particularly since SHIB’s lead dev, Shytoshi Kusama, planned to visit Mumbai after attending a start-up conference in Japan last week. As SHIB remains one of the most sought-after cryptocurrencies in India, the full extent of the damage caused by the WazirX security breach is yet to be determined.

WazirX Hacker Dumps SHIB for Ethereum in Further Transfers

On the other hand, Zach XBT's ongoing investigation revealed that the hackers used Tornado Cash, a well-known crypto mixer, to cash out a large portion of the funds, rendering them untraceable. As a result, North Korea's Lazarus Group is emerging as the primary suspect once more.

Moreover, blockchain intelligence platform Spot On Chain tracked the identified cybercriminal’s wallet, revealing that a total of 5.43T SHIB tokens were dumped, amounting to $90.2 million. In addition, the fraudsters withdrew 20.5M Polygon (MATIC) coins, valued at $10.2 million.

The hackers dumped 640.27B PEPE tokens for $7.48M, collected 43.77 Ether (ETH) from altcoin dumps, while another 15,298 ETH was directly stolen from the popular Indian exchange. At press time, SHIB trades at $0.00001759, managing to recover a small percentage of the market value it dropped on July 18, 2024.

On the Flipside

Why This Matters

Crypto hacks have been an intensifying issue in the sector, with damages totaling $1.38 billion in 2024.

Sponsored

Discover DailyCoin’s trending crypto news:

Why Grayscale’s Ether ETF Fee Strategy Has Come Under FireIs Dogecoin Finally Gearing Up for a Post-Halving Rally?

The above is the detailed content of Indian exchange WazirX suffered a massive drainage on July 18, 2024, due to a security breach on one of the platform's multi-sig hot wallets.. For more information, please follow other related articles on the PHP Chinese website!