Shibarium Exploit Leads to Temporary Staking Shutdown
- An attacker exploited Shiba Inu’s layer-2 network, Shibarium, using a flash loan to gain control of a validator.
- The attacker acquired 4.6 million BONE, the governance token, and accessed validator signing keys to manipulate the network.
- Assets were drained from the Shibarium bridge, with estimated losses nearing $3 million.
- The Shibarium team has paused all staking activities and moved remaining funds into a secure hardware wallet.
- BONE’s price surged by approximately 40% following the exploit, while SHIB increased over 8%.
The incident has prompted an internal investigation by the Shibarium team, which is collaborating with security firms and law enforcement to address the breach. Developers are also open to negotiating with the attacker for fund recovery.
Following the exploit, BONE’s value saw significant fluctuations but ultimately stabilized with a gain of around 40%. (Source)
