The Impact of WazirX Hack on Cryptocurrency Assets 🌐
WazirX, a prominent cryptocurrency exchange in India, recently suffered a significant hack that resulted in the theft of around $230 million worth of various digital assets. Multiple security analysts have confirmed the breach, with Lookonchain, a blockchain analysis firm, providing detailed insights into the incident.
The Stolen Assets 🛡️
The hackers made away with a substantial amount of digital assets, including:
- 5.43 trillion Shiba Inu (SHIB) tokens valued at $102 million
- 15,298 Ethereum (ETH) worth $52.5 million
- 20.5 million Polygon (MATIC) tokens worth $11.24 million
- 640.27 billion Pepe (PEPE) tokens worth $7.6 million
- 5.79 million Tether (USDT)
- 135 million Gala (GALA) tokens worth $3.5 million
Immediate Response to the Breach 🔒
In light of the security breach, WazirX has temporarily suspended the withdrawal of cryptocurrencies and Indian rupees. However, reports indicate that the hackers have already started selling the stolen SHIB tokens. This incident has raised concerns within the cryptocurrency community, especially as the sector is striving to recover, primarily driven by the performance of Bitcoin (BTC).
AI’s Prediction on SHIB’s Price Future 💹
To gain insights into how SHIB’s price may behave post-hack, Finbold consulted OpenAI’s advanced ChatGPT-4o AI tool. The tool presented various scenarios for SHIB’s price by August 1:
- If negative sentiment prevails, the price could drop to around $0.000015 or lower
- In a neutral scenario, the price may stabilize around $0.000017
- If positive news emerges, the price could surge to $0.000020 or higher
Apart from market trends, regulatory updates, and macroeconomic factors will significantly influence SHIB’s price movement. Community-led initiatives, such as burning activities, are also being considered to mitigate the aftermath of the hack.
Current Price Analysis of SHIB 💰
At present, SHIB is trading at $0.00001735 with a 10% loss in the last 24 hours. While the weekly chart shows a 4% increase, bearish sentiments prevail in the short term. Investors should keep an eye on key levels like the $0.000018 resistance and the $0.0000170 support to gauge market sentiment.
Hot Take: Stay Informed and Vigilant 📈
As a crypto enthusiast, it’s crucial to stay informed about the latest developments in the market, especially amid security breaches like the WazirX hack. Monitor the price movements of cryptocurrencies, assess risk factors, and be vigilant in your investment decisions to safeguard your digital assets.
By
By
By