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Shiba Inu warning

Attention Shiba Inu Community, Developer Issues Critical Warning

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Uncategorized
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A prominent Shiba Inu (SHIB) developer has issued a critical warning to the SHIB community about a hack attack on WazirX, which has already led to significant financial loss for several SHIB investors. 

Developer’s Warning To SHIB Community

On July 18, Kaal Dhairya, a top developer in close contact with Shytoshi Kusama, the pseudonymous SHIB lead developer, took to X (formerly Twitter) to warn community members about a new hack attack targeting investors. Dhairya brought the community’s attention to the recent hack on WazirX, a prominent Indian crypto exchange. 

Related Reading: Crypto And Politics: Ethereum Founder Shares Thoughts On What’s Really Going On

According to reports, WazirX suffered a massive security breach, which led to approximately $235 million worth of crypto assets being moved out of its exchange. In his post, Dhairya wrote, “Not your keys, not your crypto,” indicating the importance and need for investors to safeguard all information about wallet private keys to protect their crypto assets. 

The Shiba Inu developer also highlighted a post by Cyvers Alerts, a real-time security alerts platform. Based on the Cyvers Alerts report, $234.9 million in funds from the WazirX crypto exchange were transferred to a new address, with each transaction caller funded by “TornadoCash.” 

The security alert platform revealed that WazirX’s safe wallet had been compromised by malicious actors. As a result, significant amounts of Pepe (PEPE), Tether (USDT), Gala (GALA) and Ethereum (ETH) were stolen by the suspicious wallet. 

Furthermore, a 2D investigator identified as ‘ZachXBT’ on X disclosed in a Telegram post that the attacker swiped over $100 million worth of Shiba Inu tokens and about $4.7 million worth of Floki (FLOKI) coins. Given the hack’s extension to Shiba Inu investors, Dhairya has spread awareness of the WazirX security breach to protect SHIB community members and general crypto investors.

On the flip side, Arkham Intelligence disclosed that ZachXBT had submitted definitive evidence of a KYC-linked deposit address used by the malicious attacker to receive funds. This potentially brings WazirX closer to solving the hack issue and uncovering the identities of the malicious actors 

Shiba Inu Price Plummets Following Hack Attack

Following the hack attack which saw over $100 million worth of SHIB tokens being stolen, the price of Shiba Inu took a nosedive, recording unexpected declines. Over the past few weeks, Shiba Inu has performed relatively well, witnessing slight gains as market conditions improved.

Related Reading: Crypto Analyst Predicts $200,000 Price Tag For Bitcoin Using Miner Capitulation

However, with the recent attack, bearish sentiment may have set in for the popular meme coin. According to CoinMarketCap’s data, Shiba Inu’s price has plummeted by a staggering 6.39% and is trading further below the $ 0.00002 price mark. 

Despite experiencing a massive 255.83% increase in its 24-hour trading volume, SHIB’s price is still down to $0.0000175 as of writing. Not too long ago its value soared to about $0.000019, however, new declines have interrupted its upward momentum, causing investors to potentially reevaluate their positions. 

Shiba Inu price chart from Tradingview.com
SHIB price bounces off support | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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