In a significant security breach, Onchain Lens monitoring has reported that a sophisticated attack resulted in the theft of 95.27 million GIGA tokens from three different wallets.
The incident triggered a substantial market reaction, with the token’s price plummeting by approximately 10% following a massive selloff by the perpetrator.
The stolen tokens, initially valued at $6.09 million, represent a considerable portion of the token’s circulating supply and highlighted significant vulnerabilities in the token’s security infrastructure.
This security breach has sent shockwaves through the cryptocurrency community and raised serious concerns about the platform’s security measures.
Hacker’s Trading Strategy and Financial Impact
The attacker executed a carefully planned liquidation strategy, converting the stolen GIGA tokens to 11,759 SOL, worth approximately $2.1 million – significantly less than the tokens’ original value of $6.09 million.
This rapid selloff created substantial downward pressure on the token’s price. Following the initial conversion to SOL, the hacker further diversified the stolen funds by exchanging them for USDC and USDT stablecoins before transferring them to another address.
Additionally, 700 SOL were indirectly routed to the Kucoin exchange, suggesting a possible attempt to cash out or further obscure the stolen funds’ trail.
Current Market Status and Price Analysis
The hack’s impact on GIGA’s market performance has been severe and immediate. Currently trading at $0.05269, Gigachad (GIGA) has experienced a significant decline in value, with a substantial 24-hour trading volume of $46,254,126.
The token’s performance metrics paint a concerning picture, showing a 9.92% price decline in the last 24 hours and an even more dramatic 15.89% decrease over the past week.
With a circulating supply of 9.6 billion GIGA tokens, the project’s market capitalization currently stands at $502,876,111, reflecting the significant impact of this security breach on the token’s overall market value.
Broader Context and Industry Impact
This security breach occurs against a backdrop of increasing cyber threats in the cryptocurrency sector, as evidenced by other recent significant attacks.
Notably, DeltaPrime recently suffered a major security breach resulting in losses of approximately $4.8 million across both the Arbitrum (ARB) and Avalanche (AVAX) networks, as reported by Pidun monitoring.
These consecutive attacks highlight the ongoing challenges faced by cryptocurrency projects in maintaining robust security measures and protecting user assets, raising important questions about the need for enhanced security protocols across the industry.
The incidents serve as a stark reminder of the persistent threats facing digital asset platforms and the critical importance of implementing comprehensive security measures.