Shiba Inu crushed by 5 trillion SHIB transfer, $230 million WazirX hack
- Shiba Inu erased 8% of its value on Thursday as CryptoQuant noted a transfer of over 5 trillion SHIB to exchanges.
- WazirX hacker sold over $100 million in SHIB following the exploit, early on Thursday.
- SHIB trades at $0.00001711, as the meme coin crumbles under selling pressure.
Shiba Inu (SHIB), one of the largest meme coins in the crypto ecosystem suffered a steep correction early on Thursday, following a hack on an Indian crypto exchange.
Data from on-chain intelligence tracker Arkham shows that WazirX exchange was exploited for over $102 million in SHIB tokens. Amidst panic selling from traders and the exploiter offloading the assets, SHIB faced a mass sell-off.
Shiba Inu lost 8% value on the day, at the time of writing.
Shiba Inu succumbs to mass sell-off
Shiba Inu faced an intense sell-off as over 5 trillion SHIB tokens were moved to crypto exchanges within hours, on Thursday, July 18. Data from on-chain tracker CryptoQuant shows mass transfer of SHIB to exchanges.
Typically, a large volume of an asset hitting exchange wallets is considered bearish, since it implies there is a higher volume of the token to sell.
WazirX exchange was hacked today by ~$100 million in SHIB.
— Julio Moreno (@jjcmoreno) July 18, 2024
People are rushing into exchanges to sell.
More than 5 trillion SHIB have hit exchanges in the last hours. pic.twitter.com/Hwd3QU4hWv
The transfers were likely panic selling by crypto traders in response to the WazirX exchange exploiter offloading their SHIB holdings. Arkham Intelligence data shows that the hacker sold over $102 million in Shiba Inu tokens from the exploit, per information available on-chain.
UPDATE: The WazirX Hacker is out of SHIB.
— Arkham (@ArkhamIntel) July 18, 2024
$102.1M SHIB was stolen this morning from WazirX and has now been fully sold off by the attacker. pic.twitter.com/sjCSZJhdIv
Shiba Inu trades at $0.00001711 at the time of writing.
More information on the WazirX hack by the analyst behind the X handle @zachxbt.
1/ So I began tracing the $230M+ WazirX hack back from the original exploiter address and was able to make some interesting observations. https://t.co/gLHu05sXWZ pic.twitter.com/eFRNdLtACB
— ZachXBT (@zachxbt) July 18, 2024
The hacker holds over $4.7 million in FLOKI tokens. FLOKI erased nearly 5% of its value on the day, trades at $0.00017098, at the time of writing.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
