$230 Million Hack Stuns India's Largest Exchange, SHIB Skyrockets 874% in Major Metric, Ethereum Could Hit $4,000 Next Week: Crypto News Digest by U.Today

U.Today - U.Today presents the top three news stories over the past day.

$230 million hack stuns India's largest exchange: Shiba Inu (SHIB) and PEPE among affected

Yesterday, Cyvers Alert, a platform that provides real-time security alerts, detected multiple suspicious transactions involving the Safe Multisig wallet of WazirX, India's largest cryptocurrency exchange. As it turned out, the exchange suffered a major security breach, which resulted in a loss of $234.90 million worth of crypto; the funds were moved to a new address, with each transaction's caller being funded by Tornado Cash. As reported by Lookonchain, the list of stolen digital assets includes SHIB, ETH, MATIC, PEPE, USDT and GALA. As of today, WazirX reported the incident to the Financial Intelligence Unit (FIU) and CERT-In. The exchange plans to trace the stolen funds, recover customer assets and conduct a deeper analysis of the cyber attack.

Shiba Inu (SHIB) skyrockets 874% in major metric, Here's why

Following the WazirX hack, the price of Shiba Inu experienced a significant drop, decreasing by almost 10%; from more than $230 million lost as a result of the hacking attack, around $102 million are in SHIB. However, despite the negative event, one Shiba Inu metric was on the rise. According to Shibburn data, over the previous 24 hours, Shiba Inu's burn rate skyrocketed by 874.74%. A total of 8.7 million tokens was sent to dead-end addresses, with the biggest transaction carrying approximately five million SHIB tokens. This burning event was an important development, as it occurred at the time when SHIB's price needed a major increase in order to recover from the aftermath of the WazirX hack.

Ethereum (ETH) to reach $4,000 next week? 10 ETFs launching

Ethereum might be on the cusp of a significant price increase as 10 Ethereum ETFs, including VanEck Fidelity and Grayscale, have announced their upcoming launches next week. These ETFs could lead to substantial capital inflows into Ethereum, similar to the huge inflows that Bitcoin experienced after ETF approval. Previously, when Bitcoin ETFs were approved, investor interest increased and substantial inflows followed, driving up prices. If Ethereum ETFs follow a similar path, Ethereum's price may rise drastically. In the best possible scenario, the price of Ethereum could hit as high as $4,000. However, such bullish sentiment should be approached with caution. At the moment of writing, ETH is trading at $3,462, up 1.66% over the past 24 hours, per CoinMarketCap.

This content was originally published on U.Today