WazirX Hacker Continues to Dump SHIB, Dumping Approximately $14 Million in Last Two Hours

IconCryptoNewsTerminal Staff18 Jul, 2024

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WazirX Hacker Continues to Dump SHIB, Dumping Approximately $14 Million in Last Two Hours

WazirX, one of India's leading cryptocurrency exchanges, was hacked on August 5th, 2023, resulting in the theft of $7 million worth of crypto assets. According to on-chain analyst ai_9684xtpa, the hacker has been actively dumping SHIB, leading to a significant decline in the token's price. Over the past two hours, the hacked WazirX address has transferred 801B (⁓$14.02M) SHIB to '0x35fe' who is currently dumping it. The hacker still holds 4.9T SHIB (⁓$86.52M), with this large sell and panic SHIB is down ~9%. The hacker's continued dumping of SHIB has raised concerns among investors, with many fearing that the price of the token could continue to decline. SHIB has already lost over 90% of its value since its all-time high in October 2021. It is important to note that the WazirX hack is still under investigation, and it is not yet clear if the hacker will be able to successfully cash out the stolen SHIB. However, the continued dumping of SHIB by the hacker is a reminder of the risks involved in investing in cryptocurrency.

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