WazirX Hack Triggers Shiba Inu (SHIB) Decline as Hacker Begins Selling SHIB Tokens

The Shiba Inu price has lagged behind recently despite Bitcoin and the crypto market seeing some recovery. This decline is linked to a number of

The price of Shiba Inu (SHIB) has lagged behind the recent recovery in the crypto market, largely due to the massive hack of Indian crypto exchange, WazirX.

According to the latest data from CoinGecko, SHIB is down 10.2% over the past 24 hours and now trades at $0.0000171. This decline comes as Bitcoin (BTC) and the broader crypto market have seen some recovery, with BTC up 2.3% and the total crypto market cap rising by 1.1%.

However, despite the overall recovery in the crypto market, SHIB has struggled to keep up, mainly due to the significant amount of SHIB tokens that were stolen in the WazirX hack earlier this week.

Out of the total $235 million that was stolen in the hack, a large chunk of it, amounting to $96.7 million, was comprised of SHIB tokens. This heavy presence of SHIB tokens among the stolen cryptocurrencies is due to the fact that SHIB has consistently been the most traded cryptocurrency on the WazirX exchange.

As a result of this massive theft of SHIB tokens, the price of SHIB has been greatly affected, especially considering that WazirX is one of the most prominent exchanges for trading SHIB.

This development has sparked fear among investors, who are concerned about the impact of the stolen SHIB tokens being sold off in the wake of the hack.

While the crypto market has seen some decline in response to the hack, it has quickly recovered. However, SHIB has already succumbed to the bearish pressure and lost around 10% of its value by the time the crypto market rebound began once again.

Adding to the selling pressure on SHIB, the hacker(s) has begun to convert the stolen cryptocurrencies into Ethereum (ETH). According to on-chain data tracking platform Spot On Chain, most of the SHIB tokens have already been sold off and converted to ETH.

As per the latest data, the hacker(s) has converted $90.2 million wroth of SHIB to ETH, along with $10.2 million in MATIC and $7.5 million in PEPE. In total, around $150 million has been converted to ETH.

The exploiter account now holds 59,087 ETH (about $201 million) with smaller balances in other altcoins, including CHR, CELR, and OOKI.

Meanwhile, the Shiba Inu price is looking to retest the $0.000017 support once again. This level has held steady so far, despite the 1.03% decline recorded in the last 24 hours.