The exploiter behind the Indian crypto exchange WazirX hack has sold 5.43 trillion SHIB for 26,535 ETH, valued at $92 million.
What Happened: Despite the large sale, the price drop of Shiba Inu (CRYPTO: SHIB) was mitigated by market makers such as Wintermute, who bought SHIB from decentralized exchanges and deposited it to other exchanges to sell for arbitrage, according to blockchain analysis firm Lookonchain.
SHIB is down 8% over the past 24 hours, trading around $0.00001732.
Earlier in the day, blockchain investigator ZachXBT revealed that WazirX had been hacked, resulting in losses exceeding $230 million.
The main theft address identified by ZachXBT holds over $100 million worth of SHIB (CRYPTO: SHIB) and more than $4.7 million worth of FLOKI (CRYPTO: FLOKI).
Further details from Lookonchain confirmed that the stolen assets included 5.43 trillion SHIB, 15,298 Ether (CRYPTO: ETH) valued at approximately $52.5 million, and 20.5 million MATIC worth about $11.24 million.
In response to the breach, WazirX acknowledged that a vulnerability in one of its multi-signature wallets had been exploited. To safeguard user assets, the exchange temporarily suspended both fiat and cryptocurrency withdrawals.
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In a statement on Twitter, WazirX assured users that their team is actively investigating the incident and working to resolve the issue.
"Update: We're aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding. We'll keep you posted with further updates," the exchange posted.
The security incident occurs as the cryptocurrency industry prepares for Benzinga's Future of Digital Assets conference on Nov. 19.
This event will gather industry leaders, policymakers, and innovators to discuss the future of digital assets and blockchain technology.
The WazirX hack and the broader implications for cryptocurrency exchange security are expected to be significant topics of discussion, underscoring the critical importance of robust security measures in the digital asset sector.
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