Summary:
A malicious attack on WazirX, an Indian cryptocurrency exchange, has drained roughly 50% of the exchange's reserves.
WazirX's native token, WRX, has plunged by 15% in dollar terms.
Shiba Inu (SHIB) has lost over 6% in market value after the attacker drained $100 million worth of the token.
Bitcoin is trading at a massive discount on WazirX, 11% lower than on rival exchange CoinDCX.
Tether (USDT) has also seen a significant drop on the platform.
The incident serves as a stark reminder of the risks associated with cryptocurrency investing and highlights the importance of choosing secure and reputable platforms.
Indian Crypto Exchange Hack: Bitcoin and Tether Trading at a Massive Discount
A malicious attack on WazirX, an Indian cryptocurrency exchange, has sent shockwaves through the crypto market, with prices of major coins like Bitcoin and Tether plummeting on the platform. The attack, which occurred early Thursday, drained roughly 50% of the exchange's reserves, leaving investors reeling.
The fallout from the hack has been immediate and significant:
- WazirX's native token, WRX, has plunged by 15% in dollar terms.
- Shiba Inu (SHIB) has lost over 6% in market value after the attacker drained $100 million worth of the token.
- Bitcoin, the market leader, is trading at a massive discount on WazirX, 11% lower than on rival exchange CoinDCX.
- Tether (USDT) has also seen a significant drop on the platform.
These discounts are attributed to panic selling by investors, who are rushing to withdraw their funds in the wake of the attack.
The attack has raised concerns about the security of cryptocurrency exchanges and the potential impact on market stability. WazirX has temporarily paused withdrawals, further contributing to the sense of uncertainty.
The incident serves as a stark reminder of the risks associated with cryptocurrency investing and highlights the importance of choosing secure and reputable platforms.
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