The core issues behind Shibarium’s staggering $2.4 million exploit last weekend are getting detangled.
Shiba Inu’s (SHIB) mysterious lead developer Shytoshi Kusama has broken months of silence, coming out three days after the dev team had frozen 4.6 million Bone ShibaSwap (BONE) tokens.
According to PeckShield safe guarding, Shibarium had suffered a multi-million bridge attack that led to the freezing of approximately $2.4 million in on-chain liquidity. Apparently, the scrupulous hackers compromised validator signing keys to execute a flash loan exploit, buying 4.6 million BONE in the process.
$2.4M Shibarium Loophole Gets Solved In SHIB’s War Room
As the stolen funds were delegated to Validator 1, SHIB’s team managed to lock the tokens up by temporarily halting all crypto staking functionality on Shibarium Layer-2. Now, Shytoshi Kusama is hammering away with the help of Hexens, Seal 911 & PeckShield crypto security agencies in damage control.
What’s known as the ‘War Room’ in Shytoshi’s cryptic X message, could imply building on further cybercrime prevention tactics, as well as negotiations with the hacker to return the funds for a $23K bounty. Shibarium’s top dev said “I am wise enough not to speak until I fully understand situations, and this one is a bit complex and deep”.
That being said, the hacker has 30 days to return the funds, but the bounty will decrease week by week, Shytoshi assured. Meanwhile, Kaal Dhairya, another prominent developer on Shibarium, explained that full network stability restoration remains the top priority.
For the time being, Shiba Inu’s (SHIB) price continues to exchange hands at a closed range between $0.0000129 to $0.0000316. The range-bound structure hardly keeps the blue-chip meme coin in crypto’s TOP 30 by global market cap, as the $0.000014 resistance level must be sustained for a convincing push towards the bullish side.
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