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$SHIB team has reactivated Shibarium following an exploit that temporarily shut down its bridge to #Ethereum. The incident involved an attacker who used a flash loan to acquire a large amount of BONE tokens, gaining control of most validator keys to submit fraudulent checkpoints.

In response, developers initiated an emergency shutdown and, over a 10-day period with security firm   Hexens.io, implemented fixes. The team recovered the 4.6 million BONE tokens and rotated validator keys. Security upgrades were also applied, including blacklisting suspicious contracts, consolidating RPC endpoints, and increasing withdrawal delays. The team decided against a bounty for the attacker, citing malicious intent, and is developing a plan to reimburse affected users.

Amid these developments, on-chain data indicates large holders have accumulated significant amounts of SHIB. Separately, a technical analysis suggests a potential price recovery for the token. Recent upgrades to the ecosystem, including the ShibaSwap DEX and developer hub, aim to improve functionality and decentralization.

#Strategy