The FTX predicament is just getting worse. PeckShield claims that an address marked “FTX Accounts Drainer” exchanged 2346 ETH for 400 Billion Shiba Inu (SHIB) tokens, valued at $3.9 Million. Ethereum is worth $2.9 million, so the address lost around $1 million.
On November 12, a few hours after the FTX attack, 400 billion Shiba Inu tokens were exchanged on the CoW protocol, according to Etherscan. Shiba Inu tokens worth more than $5.7 million were stolen due to the breach. The attack resulted in approximately $600 million in total theft.
Market Slump Increases Shiba Inu Burn Rate
SHIB’s burn rate increased to 1064.67% as the cryptocurrency markets prepared for the upcoming winter. Over 23 million SHIB tokens were sent to the dead wallet in only one transaction, which is what caused the rise. The amount is considerably more significant than what was burned over the weekend.
The burn falls short of SHIB’s price decline. The market capitalisation of SHIB has dropped below $6 billion. The upcoming launch of Shibarium is anticipated to boost the token and its value, and a precise launch date has to be announced.
The Shibarium layer-2 team promised to update the community shortly, but there has yet to be a word. Shiba Inu will also release a stablecoin called Shi and a reward token called TREAT.
SHIB was trading at $0.00000927 at the time of publication, up 1.6% over the previous day. The token has fallen a staggering 21.6% in the past week. The token has also decreased by 89.2% from its all-time high of $0.00008616, reached in October 2021.