Plasma Bridge redemption: instead of promises or spreadsheets, losses will be turned into NFTs on Ethereum.
2025 has been a turbulent year for the Shiba Inu community, popularly referred to as SHIB Army. Putting aside the double-digit percentage drop in Shiba Inu’s (SHIB) price year-to-date (YTD), SHIB’s holders were rattled by the $4 million hack of Shibarium’s Plasma Bridge.
Now, Shibarium’s developers are launching a program to redeem themselves in favor of the affected users by this multi-million dollar Plasma Bridge hack on Shibarium earlier this year. For the cause, a reimbursement plan called Shib Owes You (SOU) arrives to settle the issues.
How ‘SHIB Owes You’ Works In Practice
The Shib Owes You programme relies on unique non-fungible tokens (NFTs) that are ascribed to victims of the $4 million Shibarium hack. Each individual is assigned an immutable cryptographic record of the principal owned to them. Then, Shibarium’s Web3 dwellers can easily track the refunds, sell claims, consolidate positions & split the reimbursement between affected parties.
“It’s cryptographic proof that you own a claim, recorded permanently on the Ethereum blockchain”, – said Shibarium’s prominent dev team member Kaal Dhairya. Moreover, all Shiba Inu brand-related projects are going to contribute towards the SOU restitution pool, noted the dev.
“If we’re going to ask the community to be patient while we rebuild, then everyone who has access to ecosystem resources needs to be held to the same standard” Dhairya explained. Ultimately, this means quality over quantity – projects that don’t garner enough attention or revenue could go into extinction if no restitution efforts are made.
As for the notoriously hacked Plasma Bridge, Shibarians shall worry no more: new security measures are now live, completely moving the most-critical smart contracts to hardware custody. This makes hacking incidents nearly impossible, while the enhanced security measure protocol puts a 7-day cold period on all Plasma Bridge withdrawals.
Shiba Inu’s Price Misses Christmas Rally
Following the news, Shiba Inu coin’s (SHIB) sank 3%, registering a 16.9% downturn over the past 30 days. If Shibarium’s liquidity is gradually restored back to the $11 million total value locked (TVL) it had the same time last year, Shiba Inu’s custodians are still embracing the crypto winter.
Santa hasn’t brought a noteworthy Shiba Inu (SHIB) price bounce back this year, as the market structure still screams bearish. The Chaikin Money Flow (CMF) is all-red at -0.22, implying hefty profit-taking among the largest Shiba Inu coin investors. On top of that, the Stochastic Relative Strength Index (StochRSI) is extremely overbought, applying sell pressure to the retail markets.
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