cryptonewsland.com
- WazirX Exchange hacked and FLOKI tokens sold off, the market remains stable.
- $230M stolen from WazirX; FLOKI team collaborates to minimize impact.
- WazirX pauses withdrawals after the breach; FLOKI market unaffected.
WazirX, a leading Indian cryptocurrency exchange, was exploited for over $230 million. Among the stolen assets, $4.7 million was in the form of FLOKI tokens. This incident has raised concerns among investors and stakeholders.
Facts of the Incident
The exploiter has completely sold off all the FLOKI tokens obtained during the exploit. This means the hacker no longer holds any FLOKI tokens.
The market absorbed the sell-off, demonstrating the strength and liquidity of FLOKI as an asset. Consequently, there should be no further impact from the hacker on the FLOKI token’s market value.
WazirX has taken immediate action by pausing withdrawals to prevent further losses. The exchange is actively investigating the breach to understand how it occurred and to mitigate its impact.
ADDRESSING THE WAZIRX EXCHANGE EXPLOIT
— FLOKI (@RealFlokiInu) July 18, 2024
It came to our notice earlier today that top Indian crypto exchange WazirX was exploited for over $230 million, $4.7 million of which was in the form of $FLOKI tokens.
We would like to highlight a few VERY IMPORTANT facts:
1. The… pic.twitter.com/B9ZoW1oTo6
Floki Collaborates with WazirX
The team at FLOKI is collaborating with WazirX to assess the situation and ensure that the impact on FLOKI holders is minimized. This cooperation aims to provide reassurance to those affected and to support WazirX in overcoming this challenge.
As exchanges handle large volumes of digital assets, they become prime targets for cybercriminals. Despite the breach, the response from the FLOKI community has been positive.
The market’s ability to absorb the sell-off without significant disruption is a testament to the token’s resilience. Investors can take some comfort in knowing that the immediate threat from the hacker has been neutralized.
WazirX and FLOKI are committed to keeping the community informed about any new developments. The Exchange is working diligently to resolve the situation and to ensure that affected users are supported.
The hope is that WazirX will emerge stronger from this incident, with improved security measures and renewed trust from its users. Meanwhile, WRX is trading at $0.14 and has decreased by 13% in the last 24 hours.