Following the recent hack of India’s largest cryptocurrency exchanges, WazirX, one of Shiba Inu’s top developers, Kaal Dhairya has sent a critical warning to the SHIB army on protection of their digital assets. Dhairya’s call for caution on his X handle is gaining traction as a guiding slogan, not only among the Shiba Inu ecosystem but in the broader crypto space.
Dhairya’s Six-Word Warning to SHIB Army
Dhairya’s six-word phrase, “Not your keys not your crypto” which referenced an earlier post by the cyber security platform, Cyvers platform, is a notable statement of caution to holders of digital assets to avoid losing control of the private keys of the wallet storing their crypto balances.
The warning is a clear reminder that investors should avoid giving control to their crypto assets to public exchanges as it can be compromised at any time. Dhairya emphasized this point with the WazirX hack. It is noteworthy that the Shiba Inu community is always kept abreast of any scam alert.
As per Cyvers’ post on X, the malicious elements that attacked the Safe Multisig Wallet of WazirX exchange made away with about $230 million worth of crypto. Meanwhile, the data published by Lookonchain reveals that SHIB suffered the most loss.
The total value of SHIB assets stolen on the WazirX exchange stood at $102,100,209 for the 5.43 trillion SHIB tokens.
Update:#WazirX has ~$230M in assets stolen. Including:
5.43T $SHIB($102M)
15,298 $ETH($52.5M)
20.5M $MATIC($11.24M)
640.27B $PEPE($7.6M)
5.79M $USDT
135M $GALA($3.5M)
…‼️Please note that the hacker is selling these assets!https://t.co/1uOozAVeM1 https://t.co/ogtVSFITK9 pic.twitter.com/3vPmxqXwbL
— Lookonchain (@lookonchain) July 18, 2024
Other major losers include clients with investment in PEPE that lost 640.27 billion PEPE worth $7,625,611, Ethereum with 15,298 ETH valued at $52,524,251, and MATIC’s 20,502,141 MATIC costing $11,236,388.
Impact on SHIB and Community Response
Based on the report, the hacker has commenced sales of the stolen assets. As of the time of writing, the hacker has sold off all the Shiba Inu siphoned. The massive sales by the cybercriminal has dealt a severe blow on the price of the dog-themed memecoin as it is currently trading at $0.00001729, down 6.92%.
While the flooding of the crypto market is negatively impacting the Shiba Inu ecosystem, SHIB’s marketing lead Lucie is looking at the silver lining in all of these events. She has urged investors to take advantage of the price drop to buy the dip as the assets stolen by the hacker, though significant, were small in comparison to SHIB’s total volume.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGEcrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
