Indian Crypto Exchange Breach Causes SHIB and WRX Prices to Plummet, Bitcoin and Tether Trading at Significant Discount

The market for WazirX’s native token, WRX, has taken a hit, dropping 15% in dollar terms. This decline follows a malicious attack on the Indian exchange that resulted in significant losses for cryptocurrencies stolen during the breach. The exchange’s reserves were drained by approximately 50%, prompting a temporary suspension of withdrawals.

Currently, WRX is trading at just over 14 cents, marking a 15% decrease according to Coingecko data. Since the hack was confirmed, the rupee-denominated price has plummeted by over 25%. The attacker managed to abscond with $230 million in customer funds, with $100 million in shiba inu (SHIB), $52 million in ether (ETH), $11 million in MATIC, and $6 million in PEPE.

Following the security breach, SHIB has seen a 6% drop in U.S. dollar value and a 16% decrease in rupee terms as reports surface of the hacker liquidating the stolen coins. Blockchain data indicates that the attacker is offloading SHIB, leading to a decline in its market worth.

Despite the turmoil, other tokens have remained relatively stable in dollar terms while experiencing notable losses in the exchange’s INR pairs. Notably, the bitcoin-rupee (BTC/INR) pair has fallen by 11% to 5.1 million rupees ($60,945), trading at a substantial discount compared to prices on competing platforms like CoinDCX. Globally, BTC’s average dollar-denominated price has seen a 1% increase, hovering around $61,800. CoinDesk Indices data reports the largest cryptocurrency’s market value at approximately $64,900.

The USDT-INR pair (USDT) on WazirX has also slipped by 8%. The discounts observed in BTC, USDT, and other cryptocurrencies on WazirX likely stem from investor panic selling and the rush to convert assets to fiat/cash post-hack. The market volatility and uncertainties surrounding the breach have undoubtedly impacted the trading landscape on the exchange.

In conclusion, the aftermath of the security breach at WazirX has reverberated throughout the cryptocurrency market, with various tokens experiencing fluctuations in value and trading at discounts on the platform. The incident serves as a stark reminder of the risks associated with digital asset exchanges and the importance of robust security measures to safeguard investor funds and maintain market stability.