Shiba

Ethereum

K9 Finance

Shiba Inu

<ul>
 <li>Shibarium bridge exploited as attacker drains $2.4M in assets.</li>
 <li>Developers freeze staking after hacker gains 83% validator key control.</li>
 <li>BONE surges 78% post-attack while SHIB rises 4.5%.</li>
</ul>
Shibarium’s Ethereum bridge was <a href="https://36crypto.com/swissborg-loses-41m-in-solana-hack-how-theyre-recovering-your-funds/" target="_blank" rel="noopener noreferrer nofollow">exploited</a> in a flash loan attack on Friday, causing $2.4 million in losses. Network functions were frozen in the developers of the Shiba Inu ecosystem, and this was done to minimize additional risks. 
The attacker took out a 4.6 million BONE borrow and acquired 83% of validator signing keys. With this majority, they drained 224.57 ETH and 92.6 billion SHIB from the bridge contract, valued at $2.4 million. 
Also Read: <a href="https://36crypto.com/xrp-breakout-looms-as-key-3-07-level-decides-next-move-toward-4-20/" target="_blank" rel="noopener noreferrer nofollow">XRP Breakout Looms as Key $3.07 Level Decides Next Move Toward $4.20</a> 
<h2 id="strong-developers-move-to-contain-the-breach-strong">Developers Move to Contain the Breach</h2>
In response, Shibarium developers suspended staking and unstaking, keeping the borrowed BONE locked under the existing delay mechanism. This ensured that the exploiter had no long-term control even though he had the majority of the keys. 
The attacker was also left with $700,000 in KNINE tokens associated with K9 Finance. K9 Finance DAO<a href="https://x.com/0xdefiturtle/status/1966590028621975845" target="_blank" rel="noopener noreferrer nofollow"> blocked</a> their wallet when they attempted to sell them, so the tokens could not be sold. 
<h2 id="strong-investigation-and-recovery-efforts-underway-strong">Investigation and Recovery Efforts Underway</h2>
Kaal Dhairya, a top Shiba Inu developer, <a href="https://x.com/kaaldhairya/status/1966758608940515671" target="_blank" rel="noopener noreferrer nofollow">described</a> the exploit as “sophisticated” and likely planned for months, according to his statement on X. He ensured that the police were put on guard and the possibility of a bounty should there be a refund of the money. 
The developers of Shiba Inu introduced Hexens, Seal 911, and PeckShield to track the attacker’s activity and enhance recovery. 
<h2 id="strong-volatile-token-prices-after-the-attack-strong">Volatile Token Prices After the Attack</h2>
BONE saw sharp swings after the exploit, surging 78% within an hour from $0.165 to $0.294 before dropping to $0.202. Investors were also volatile as SHIB increased by 4.5% over the last 24 hours despite the breach. 
The Shibaria bridge hack revealed significant vulnerabilities in the security of validators, and the attacker took over 83% of the validators’ keys. The developers’ prompt response prevented the impact, but recovery and investigations are in progress. 
Also Read: <a href="https://36crypto.com/kame-aggregator-recovers-832500-in-eth-after-hacker-breach-on-sei-network/" target="_blank" rel="noopener noreferrer nofollow">Kame Aggregator Recovers 185 ETH Worth $832,500 After Sei Network Breach</a> 
The post <a rel="noopener noreferrer nofollow" href="https://36crypto.com/shibarium-bridge-hacked-attacker-drains-2-4m-in-eth-shib-and-bone-tokens/">Shibarium Bridge Hacked: Attacker Drains $2.4M in ETH, SHIB, and BONE Tokens</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://36crypto.com">36Crypto</a>.

Shibarium Bridge Hacked: Attacker Drains $2.4M in ETH, SHIB, and BONE Tokens

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