The FTX situation keeps getting worse. According to PeckShield, an address labeled “FTX Accounts Drainer” swapped 400 Billion Shiba Inu (SHIB) tokens worth $3.9 million for 2346 ETH. The Ethereum is valued at $2.9 million, meaning that the address incurred a loss of about a million dollars.
According to Etherscan, the 400 billion Shiba Inu tokens were swapped on the CoW protocol on November 12th, a few hours after the FTX hack. The hack resulted in about 593 billion Shiba Inu tokens valued at more than $5.7 million being taken. However, a total of nearly $600 million was stolen in the attack. The attacker is yet to be identified.
Shiba Inu Burn rate spikes amid market slump
While the crypto markets are bracing themselves for the winter, SHIB’s burn rate spiked to reach 1064.67%. One transaction, in particular, is responsible for the spike, sending over 23 million SHIB tokens to the dead wallet. The amount is a lot more than the amount burned over the weekend.
However, the burn is not enough to revive SHIB’s falling price. Additionally, SHIB’s market cap has once again fallen below $6 billion. Many SHIB fans are hopeful that the impending Shibarium launch will push the token’s price in a positive direction. However, there is no confirmed launch date.
The team behind the Shibarium layer-2 did say that they would provide the community with an update soon, but there has been no word so far. Shiba Inu is also planning the launch of two additional tokens, a reward token TREAT, and a stablecoin Shi.
At press time, SHIB was trading at $0.00000927, up by 1.6% in the last 24 hours. The token is down by a whopping 21.6% over the last week. Moreover, the token is down by 89.2% from its all-time high of $0.00008616, attained in October of 2021.