Indian Crypto Exchange Hack Sends SHIB, WRX Tumbling as Bitcoin, Tether Trade at Massive Discount
Indian cryptocurrency exchange WazirX was hacked, resulting in a loss of approximately 50% of the exchange's reserves. The attack led to a significant drop in the market values of the stolen cryptocurrencies and the platform's native token, WRX. The hacker stole $230 million in customer funds, including $100 million in shiba inu (SHIB), $52 million in ether (ETH), $11 million in MATIC, and $6 million in PEPE. Since the attack, SHIB has lost over 6% in market value in U.S. dollar terms and 16% in rupee terms. The bitcoin-rupee (BTC/INR) pair has declined by 11% to 5.1 million rupees ($60,945), while the USDT-INR pair (USDT) on WazirX has slipped by 8%. The discounts in BTC, USDT, and other cryptocurrencies on WazirX are likely due to panic selling by investors following the hack.
