Popular cryptocurrency token plummets amid large-scale hacker attack

Yesterday, on July 18, a hacker attack was carried out on the WazirX cryptocurrency exchange, which resulted in the theft of $ 102.1 million worth of Shiba Inu tokens SHIB $0.00002738 Shiba Inu -0.44% Market capitalization $16.13 billion VOL. 24 hours $0.51 billion . The total amount of stolen cryptocurrencies exceeded $ 235 million.

According to Arkham, the hackers not only obtained a large amount of digital assets but also promptly sold the entire volume of stolen virtual coins.

The wazirx-hackers made a series of transfers of stolen funds to various addresses, including wallets on the Rizzolver and Uniswap platforms. This led to a significant drop in the SHIB rate. The price of the cryptocurrency dropped sharply, which caused a wave of discussions in the cryptocurrency community. According to CoinMarketCap’s analytical tracker, the meme token dropped by more than 6% in the moment.

Arkham also provided a graphical visualization of the route of the stolen funds in SHIB, showing how they moved through various platforms and exchange services. Such a complex transfer scheme confirms the high level of training of the hackers and their ability to bypass security systems.

This incident again raises the question of the reliability of centralized cryptocurrency exchanges and the need to strengthen measures to protect users' funds. Experts in the field of cryptography and cybersecurity have already begun discussing possible ways to improve security systems and prevent similar attacks in the future. It is known that blockchain security researcher ZachXBT has suggested that the Lazarus Group hacker group is behind themulti-billion dollar digital token laundering.