Major breach sees 9B SHIB tokens stolen, sparking security concerns.
Indodax, Indonesia's largest cryptocurrency exchange, recently experienced a significant security breach. Hackers managed to steal approximately $22 million in various cryptocurrencies. Among the stolen assets were 9 billion Shiba Inu (SHIB) tokens, along with Chainlink, Tron, Ethereum, and Bitcoin. This incident highlights the persistent security challenges faced by the crypto sector.
The theft of 9 billion SHIB tokens, valued at around $120,000, has raised concerns among SHIB investors worldwide. This event serves as a wake-up call, especially considering the critically low SHIB exchange reserves, which have been on a decline since 2022. The SHIB community is now focusing on decentralization and promoting the use of cold wallets and sovereign digital identities to enhance security.
In response to the breach, Indodax's co-founder has assured users that they will be compensated for their losses. However, the recovery process is complicated by the fact that most of the stolen assets were quickly converted into Bitcoin and Ethereum. This conversion makes it more challenging to trace and recover the funds.
