The Resilience of Shiba Inu Token Price Post-WazirX Hack
The head of marketing at the blockchain startup Shiba Inu (SHIB), Lucy, assures that the recent hack of the Indian crypto exchange WazirX will not lead to a catastrophic drop in the price of the Shiba Inu token. On July 18, it was reported about a major hack, resulting in the theft of digital assets worth $230 million. Among the stolen funds were approximately $102.1 million in Shiba Inu tokens.
After the news of the hack was published, SHIB owners started to panic and sell their tokens, causing a price drop of over 11%. However, the asset price soon corrected and recovered by almost 6%.
Lucy expressed hope that SHIB owners will receive compensation, and WazirX will be able to resolve the issues. She noted that despite the significant amount of tokens stolen by the attacker, the trading volume of Shiba Inu is too large for this incident to lead to a complete collapse in the token price.
«I sincerely hope that SHIB owners will receive compensation, and WazirX will resolve this issue. Do not panic, we have faced setbacks before,» Lucy wrote in her statement.
Research company Spot On Chain later found that the hacker who stole the funds converted almost all the stolen tokens into Ethereum (ETH) and holds several different altcoins worth approximately $12 million in total. This reduced the risk of a sharp drop in the price of Shiba Inu, as a large portion of the stolen tokens were redistributed rather than left in their original form.
Therefore, despite the temporary price decrease, the Shiba Inu price seems to remain stable, and the threat of a long-term price drop, at least for now, has passed.
