WazirX Hack: Shiba Inu (SHIB) Drops by 10% as Hacker Sells $618K Worth of Stolen Tokens

News of the WazirX hack spread rapidly, causing Shiba Inu (SHIB), a well-known memecoin, to drop by 10% within a few hours

Shiba Inu (SHIB) price plunged rapidly on March 28th after a massive hack on leading Indian cryptocurrency exchange WazirX resulted in the theft of a substantial amount of SHIB tokens.

According to blockchain analysis firm Lookchain, over 5.43 trillion SHIB, valued at around $102 million at the time of the incident, were among the various cryptocurrencies stolen in the breach. This includes tokens like ETH, MATIC, PEPE, and USDT, which have also seen price declines following the news.

The latest analysis of on-chain activity reveals that the hacker has already sold some of the stolen SHIB tokens, shifting approximately $618,000 worth of SHIB, while leaving around $95.4 million in SHIB untouched in their wallet.

As SHIB price continues to correct in the wake of the WazirX hacking incident, the development is raising concerns within the crypto community, especially among SHIB holders who are closely monitoring the situation.

Meanwhile, Arkham Intelligence announced a bounty of 5000 ARKM (roughly valued at $8000) for any information related to the identity of the WazirX hacker.

In a swift response, renowned crypto sleuth ZachXBT quickly claimed the bounty, providing clear evidence that links the hacker to a KYC-verified deposit address used to receive funds from the WazirX exploit.

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