What to Know Shiba Inu community veteran Mazrael identified nearly 500 billion SHIB worth $2.25 million in a wallet linked to Binance hackers. Binance investigators traced the $6.3 billion se
Shiba Inu community veteran Mazrael identified nearly 500 billion SHIB worth $2.25 million in a wallet linked to Binance hackers.
Binance investigators traced the $6.3 billion security breach to a compromised employee laptop, reporting no evidence of leaked private keys.
Mazrael urged SHIB holders to prioritize self custody, while Binance pledged to cover customer losses through its SAFU fund reserves.
Shiba Inu faces growing security concerns as nearly 500 billion SHIB tokens have surfaced in a wallet linked to Binance’s reported hack. The holdings represent approximately 0.05% of SHIB’s total supply, with an estimated market value exceeding $2.2 million.
According to longtime Shiba Inu community member Mazrael, the suspected attacker controls 499,926,072,560 SHIB through an address identified on Etherscan. The discovery connects a substantial portion of SHIB’s supply to the reported $6.3 billion Binance security breach.
Mazrael shared blockchain records showing the tokens inside an address labeled Binance Hot Wallet Exploiter 2. Etherscan also identifies the wallet using exploit and heist classifications, linking its activity to the reported security incident.
The address reportedly had no transaction history before receiving the assets, raising concerns about the stolen tokens’ eventual destination. Besides SHIB, the wallet contains other cryptocurrencies, including Ethereum, USDT, and USDC, reportedly withdrawn from Binance-associated wallets.
Also Read: Binance Hack Latest Update: Fund Recovery Begins
Blockchain records shared by Mazrael identify the suspicious wallet as 0x5227f603C1eE34CE3C06eFe6477003BDfCCB2f8c, with SHIB holdings valued around $2.25 million. The reported transfer forms part of a broader security incident involving several cryptocurrencies and substantial withdrawals from Binance wallets.
CryptoQuant identified October 29 as the incident’s starting point, recording a major transaction involving the exchange’s Binance 14 wallet. The transaction involved 167,464 ETH alongside USDT and 63 other tokens, with the reported value reaching $1.6 billion.
Meanwhile, Binance’s preliminary investigation identified a compromised DevOps engineer’s laptop as the suspected entry point for the attack. Investigators believe the attacker accessed a service container and initiated unauthorized withdrawals through the compromised infrastructure. Significantly, the exchange reported finding no evidence that attackers obtained wallet private keys during the security breach.
Binance subsequently estimated the incident’s total impact at approximately $6.3 billion, including assets affected across multiple cryptocurrency holdings. The exchange also reported freezing approximately $3 billion in cryptocurrency assets through on-chain measures.
Mazrael responded to the incident by warning Shiba Inu holders about the risks associated with exchange custody. The community veteran emphasized personal wallet ownership through the familiar security message, “Not your keys, not your SHIB.”
Binance has pledged to cover customer losses using its SAFU fund and company resources, maintaining that customer funds remain protected. Meanwhile, the final amount of unrecoverable assets remains undetermined as investigators assess frozen funds and potential recoveries. The 499.9 billion SHIB balance remains associated with the flagged wallet, leaving its eventual recovery or disposition unresolved.
Also Read: Mastercard Praises Ripple’s RLUSD Stablecoin at XRP Ledger Hackathon in New York
The post Shiba Inu Veteran Warns as 500 Billion SHIB Lands in Binance Hacker Wallet appeared first on 36Crypto.
