Kaal Dhairya, a leading developer of the Shiba Inu (SHIB) project, has issued a stark warning to SHIB users and the broader cryptocurrency community following a significant breach at India’s largest cryptocurrency exchange, Wazir. The hack, which resulted in the theft of several trillion Shiba Inu tokens among other assets, has sent shockwaves through the crypto world.
In his statement, Dhairya, who recently appeared at a public event in Mumbai with SHIB’s enigmatic lead Shytoshi Kusama, emphasized the importance of securing one’s private keys. He reiterated the adage, “Not your keys, not your crypto,” highlighting the risks of storing digital assets on public exchanges. This phrase has become a mantra for many in the crypto community, underscoring the need for investors to maintain control over their private keys.
According to @CyversAlerts, the hack compromised Wazir’s Safe Multisig Wallet, resulting in a loss of approximately $234.9 million. Details from @lookonchain revealed the stolen assets included 5.43 trillion SHIB (valued at $102 million), 640.27 billion PEPE, 15,298 ETH, 20.5 million MATIC, 5.79 million USDT, and 135 million GALA.
Very sad.
I sincerely hope all $SHIB holders get their money back and @WazirXIndia fixes this.
The amount of $SHIB is significant, but it's small compared to $SHIB's overall volume.
Take this as an opportunity; I definitely will.
No panic, we've been here before. https://t.co/b0lBDHdAYQ
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 18, 2024
The impact on SHIB was immediate, with the token’s price plummeting over 11% following the withdrawal of the 5.43 trillion coins. The market reaction was marked by several significant declines on the hourly chart, indicating a severe short-term loss of confidence among investors.
Lucie, the official SHIB marketing lead, acknowledged the substantial loss but noted that it represented a small fraction of SHIB’s total volume. She urged the SHIB community to view the price dip as a buying opportunity and remain calm amidst the turmoil.
As the fallout from the Wazir hack continues to unfold, Dhairya’s warning serves as a critical reminder of the importance of personal security in the volatile world of cryptocurrency.
