Shiba Inu SHIB has dropped 8% following the exploit of WazirX exchange

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The Shiba Inu (SHIB) token dropped by 8% following the news of the WazirX hack. The exploit is the latest in a series of attacks on global crypto exchanges, including BtcTurk and DMM Bitcoin.

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Shiba Inu's SHIB token suffered an 8% drop on Thursday following a security breach targeting India's leading crypto exchange WazirX, according to CoinGecko data. SHIB recovered slightly after hitting a low of $0.00001734, but the rally was short-lived.

First discovered by security firm CybersAlert, the exploit is estimated to have resulted in the loss of over $230 million worth of crypto assets.

Wazir X confirmed the attack and stated that it is currently investigating the incident. To protect user funds, the exchange has temporarily suspended Indian Rupee (INR) and crypto withdrawals.

Shortly after the incident broke, on-chain investigator ZachXBT reported that the hacker still had $100 million in Shiba Inu (SHIB) and $4.7 million in Floki Inu (FLOKI).

WazirX became the latest crypto exchange to be targeted by cyber attacks. Last month, BtcTurk, Turkey's largest crypto exchange, was hit by a security breach that caused Avalanche's AVAX token to drop 10%.

In May, DMM Bitcoin fell victim to a cyber attack that resulted in a loss of 4.502,9 Bitcoin (BTC) over $300 million.

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