The Shiba Inu cryptocurrency, which is based on the concept of dogs, has been subjected to a substantial security breach at WazirX, a crypto exchange in India. The hackers illicitly acquired trillions of SHIB tokens, leading to significant financial damages.
Lucie, the marketing director of Shiba Inu, sent her sympathies to those impacted by the cyber attack, which led to the theft of millions of dollars. The incidence of crypto hacking has surged in recent years, resulting in substantial financial losses amounting to billions of dollars and revealing vulnerabilities inside the crypto ecosystem.
WazirX has recently fallen prey to similar cyber attacks, where hackers have successfully exploited the platform and managed to steal more than $230 million worth of several crypto, including Shiba Inu, Ethereum, MATIC, PEPE, USDT, and GALA.
The primary objective was to target Shiba Inu since hackers successfully gained control of 5.43 trillion SHIB tokens, which have an estimated value of $102 million.
The embezzled money was transferred to an undisclosed address, 0x04b2, which has subsequently been engaged in the sale of the pilfered assets, comprising 640.27 billion PEPE tokens with a total value of $7.6 million. Crypto investors, especially those who possess SHIB tokens on WazirX, have been deeply concerned by the security breach.
Shiba Inu has been secretly led by its founder, Ryoshi, and current lead developer, Shytoshi Kusama. However, Kusama has recently hinted that he might step down as part of future plans for the Shiba Inu community.
