WazirX, an Indian exchange, recently experienced a malicious attack that drained around 50% of its reserves, causing significant losses in the market values of cryptocurrencies traded on the platform. The exchange has temporarily halted withdrawals as a result of the hack.
One of the tokens impacted by the attack is WazirX’s native token WRX, which is currently trading 15% lower at just over 14 cents. The value of WRX has dropped more than 25% since the hack was confirmed. Additionally, the attacker made off with $100 million worth of shiba inu (SHIB) tokens, causing SHIB to lose over 6% in U.S. dollar terms and 16% in rupee terms.
Other cryptocurrencies on WazirX are also trading at significant discounts. For example, the bitcoin-rupee pair has declined by 11% to 5.1 million rupees ($60,945) on WazirX, while on rival exchange CoinDCX, the same pair is trading at 5.7 million rupees. This discrepancy indicates that cryptocurrencies are being sold at lower prices on WazirX due to panic selling by investors.
The USDT-INR pair on WazirX has also slipped by 8%, further highlighting the impact of the hack on the exchange’s trading pairs. Overall, the discounts on BTC, USDT, and other cryptocurrencies on WazirX are a reflection of the market’s reaction to the security breach.
Investors are advised to exercise caution when trading on WazirX and to closely monitor the situation as more information about the hack becomes available. The cryptocurrency market is known for its volatility, and incidents like this serve as a reminder of the risks involved in trading digital assets.