Shiba Inu (SHIB), the second-largest memecoin by market capitalization, experienced a significant price drop following its involvement in the recent hacking incident at the Indian crypto exchange WazirX. This news has heightened fears of a potential sell-off, negatively affecting SHIB’s short-term outlook.
Over $100M Worth of SHIB Tokens Compromised
On July 18, SHIB’s price fell by approximately 10%, reaching $0.00001720. This drop came after Web3 security firm Cyvers reported suspicious movements of cryptocurrencies valued at around $235 million from wallets associated with WazirX. Among the compromised assets were approximately $100 million worth of Shiba Inu tokens.
Other cryptocurrencies affected by the hack include $52 million in Ether (ETH), $11 million in Polygon (MATIC), $4.7 million in Floki (FLOKI), $3.2 million in Fantom (FTM), $2.8 million in Chainlink (LINK), and $2.3 million in Fetch.ai (FET). Following the security breach at WazirX, the prices of all these cryptocurrencies have seen declines.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
