Shiba Inu Freezes 4.6M BONE Tokens Post-Attack
- 4.6 million BONE tokens frozen following Shibarium bridge attack.
- Funds moved to secure hardware wallet with multisig.
- Security firms involved in investigation efforts.
The Shiba Inu team has frozen 4.6 million BONE tokens following a sophisticated attack on the Shibarium bridge, involving compromised validator keys and a flash loan exploit.
This incident highlights vulnerabilities within the crypto infrastructure, prompting urgent security reviews as market participants assess the risks associated with the Shibarium project.
Shibarium Bridge Attack
The Shiba Inu team has frozen 4.6 million BONE tokens following a compromised attack on the Shibarium bridge hacked that involved sophisticated techniques, including flash loans and compromised validator keys. In response, core developers and external blockchain security partners worked together. The team implemented emergency measures to protect remaining assets and paused staking to mitigate additional risks.
Immediate Community Impact
The incident has had a substantial impact on the Shiba Inu community, with immediate suspension of staking functions. This strategic pause aims to restrict liquidity shifts and protect investor interests. Financially, no flow changes from institutional funds or grants have been recorded. However, speculative assets connected to Ethereum through the bridge may reflect temporary disruptions in liquidity and staking activities.
Security and Investigation
As investigations continue by law enforcement and blockchain security firms, no official regulatory updates have been released. Community sentiment demands stronger security measures.
"Because the BONE was delegated to Validator 1, it remains locked (due to unstaking delays), giving us the chance to freeze those funds." - Kaal Dhairya, Lead Developer, Shiba Inu
Potential outcomes include enhanced network security standards and regulatory scrutiny, likely affecting future protocol governance. Blockchain history suggests temporary market fluctuations, with possible advancements in security methodologies.
Shiba Inu community reacts to BONE freeze after hack warning and BONE price surges 40% post Shibarium flash loan exploit offer additional insights into the incident's implications on the market and community sentiment.