Shiba Inu (SHIB) has experienced a significant price drop following the recent exploit on WazirX, a prominent Indian cryptocurrency exchange.

The hack resulted in the theft of 5.4 trillion SHIB, causing widespread concern among investors and triggering a 9% decline in the token’s value to $0.00001726.

In the past two hours, the hacker’s address has transferred 801 billion SHIB to the address 0x35fe…745CA. This transfer represents 14.74% of the stolen SHIB and is valued at approximately $14.02 million. The hacker continues to offload these tokens in batches, exacerbating the downward pressure on SHIB’s price.

Currently, the hacker’s address still holds 4.9 trillion SHIB, valued at around $86.52 million. The large-scale on-chain selling and resulting panic have contributed significantly to the price drop. Additionally, it has been reported that the hacker transferred the remaining 3.6 trillion SHIB to the address 0x35fe…745CA just two minutes ago, valued at $63.32 million.

Total Amount Of SHIB Transfered Stands At Around $53.3 Trillion

The total amount of SHIB transferred so far stands at 54.3 trillion, nearly equivalent to $100 million. The ongoing sales are expected to continue over the next few hours, potentially leading to further price fluctuations.

Investors and market watchers are advised to stay vigilant as the situation develops. The mass selling of SHIB by the hacker is likely to keep the market volatile in the short term. The incident underscores the importance of robust security measures and the potential impact of large-scale hacks on cryptocurrency markets.

As the investigation continues, the focus remains on mitigating the damage and restoring confidence among SHIB holders and the broader crypto community. The situation is a stark reminder of the vulnerabilities that exist in the crypto space and the need for heightened security and vigilance.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: nexusplexus/123RF // Image Effects by Colorcinch