The decisive action, combined with broader ecosystem upgrades, has put the meme-coin-turned-DeFi-project back in the spotlight.
The attack came to light when security firm PeckShield flagged suspicious validator activity. Investigators later found that attackers had leveraged a flash loan to compromise signing keys and seize majority control of a validator. Their goal: to drain assets from the Shibarium bridge.
Because the stolen BONE was locked through delegation to Validator 1, the attackers couldn’t immediately cash out. Developers acted quickly, halting staking and freezing the compromised tokens. The project also secured funds in a multisig-protected hardware wallet and began auditing validator keys, bringing in firms like Hexens and Seal 911 to assist. Law enforcement has been contacted, though the team made the unusual offer of a bounty in exchange for the safe return of funds.
The exploit follows other community warnings, including fake Discord scams that tricked users into “verifying” wallets and saw entire balances of SHIB drained. Industry-wide, security concerns remain heightened — only weeks ago, Arkham Intelligence reported the largest Bitcoin theft in history, with over 127,000 BTC stolen from a Chinese mining pool.
Even with security issues grabbing headlines, the Shiba Inu ecosystem continues to expand. Developers revealed a migration plan for LEASH V1 to LEASH V2, using a fixed ratio model to ensure holders transition smoothly. ShibaSwap also launched a redesign, introducing improved liquidity management and multi-chain trading, part of the team’s broader ambition to position SHIB as a serious DeFi contender.
The Shibarium bridge remains central to that vision, enabling low-cost, high-speed transfers across Ethereum and Shibarium and underpinning moves into gaming, the metaverse, and decentralized finance.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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