- Despite the $27M hack, SHIB’s price has keep remained resilient, bolstered by community sentiment and speculative activity.
- The breach event highlights growing risks to centralized exchanges and rising industry-wide theft, which demanding stronger security practices.
Crypto-trading platform BigONE suffered a major hot-wallet exploitation in the very early hours of July 16, according to the exchange. Moreover, reports also state that security firm SlowMist confirmed the attack was rooted in a supply-chain vulnerability, allowing hackers to modify account and risk-control servers without stealing private keys—which remain secure.
The breach, reported earlier today, has sent panic attack through the crypto community, raising fresh concerns about the security of centralized exchanges. As shared in a tweet by SlowMist on the X platform:
The exchange @BigONEexchange was exploited due to a supply chain attack and loss exceeds $27 million. The production network was compromised, and the operating logic of account and risk control related servers was modified, enabling the attacker to withdraw funds. Notably, the private keys were not leaked.
Moreover, according to another report, the BigONE hack follows a broader trend of escalating crypto thefts, with Chainalysis reporting $2.2 billion stolen in 2024 alone—a 21.1% increase from the previous year.
Adding context to this narrative, blockchain analysis firms like Elliptic and Chainalysis are likely to assist in tracking the stolen assets, as seen in the recent previous hacks.
However, the use of privacy-enhancing tools like coin mixers (e.g., Tornado Cash) by hackers can complicate recovery efforts, as demonstrated in the Bitmart hack of 2021, where 893 billion SHIB were stolen and laundered.
Market Impact on SHIB Price
Despite the theft of 9.69 billion SHIB tokens, the market price of Shiba Inu (SHIB) has shown resilience. Historical data from previous hacks—such as the 2021 Poly Network heist (where $2 million in SHIB was stolen) and the Bitmart hack—shows a trend of minimal long-term price impact.
In addition, as the relatively small volume of stolen SHIB (9.69 billion tokens, worth roughly $360,000 at current prices) compared to the total supply (589 trillion tokens) suggests minimal direct impact on market dynamics.
However, considering the previous CNF highlight on Shiba Inu price prediction, that it was supposed that SHIB could rally 2x in July. This new incident indicates that SHIB’s price often remains stable or even rises post-hack due to strong community support and speculative trading.
As of now, Shiba Inu (SHIB) is trading at $0.00001380, surging by 6.35% in the past day and 14.8% in the past week. See SHIB price chart below.
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