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The Shiba Inu team’s top developer Kaal Dhairya has taken to his X handle to warn SHIB users and also all the global cryptocurrency community.

The developer addressed the recent hack of India’s largest cryptocurrency exchange Wazir, where among the stolen assets there were several trillion Shiba Inu, which the cybercriminal began to sell today.

SHIB dev's important warning

Kaal Dhairya, who is the right-hand man of the mysterious SHIB lead Shytoshi Kusama and visited together with him a public event in Mumbai India this month, has drawn the SHIB community’s attention to the Wazir hack, posting a statement that has become a catchphrase in the world of crypto already and refers to holding cryptocurrency on public exchanges.

This statement goes as follows: “Not your keys, not your crypto,” stressing the importance of controlling the private keys of the wallet where investors store their crypto balances and not letting anyone else do that instead, which is often the case when it comes to crypto exchanges.

According to a post published by @CyversAlerts several hours ago, the Safe Multisig Wallet of the Wazir exchange was compromised with $234.9 million worth of crypto lost to the hacker.

Analytics account @lookonchain published the details earlier today, stating that the cybercriminal stole 5.43 trillion SHIB (worth $102 million), 640.27 billion PEPE, 15,298 ETH, 20.5 million MATIC, 5.79 million USDT, and 135 million GALA.

SHIB price plunges following hack

The price of the second largest dog-themed cryptocurrency SHIB reacted to the aforementioned event and the hacker’s withdrawal of 5.43 trillion coins by a plunge of more than 11%. The meme coin printed several large red candles on an hourly chart.

After a small rise, SHIB managed to recapture the $0.00001736 level after the fall from $0.00001993.

The official SHIB marketing lead Lucie commented on that, saying that the stolen amount of SHIB was significant but “small compared to SHIB’s overall volume.” Still, she urged the SHIB community to take this price fall as an opportunity to buy the dip and urged them not to panic.