Shiba Inu (SHIB) has been quiet lately.
Once dubbed the “Dogecoin killer,” SHIB was created in August 2020 as an Ethereum-based memecoin inspired by the Shiba Inu dog breed, the same mascot made famous by Dogecoin (DOGE).
It gained massive popularity for its community-driven ecosystem and viral appeal.
Beyond its token, the Shiba Inu ecosystem includes projects such as Shibarium, a layer-2 blockchain network, ShibaSwap, a decentralized exchange, and LEASH and BONE, two companion tokens with specific roles in governance and staking.
The Shibarium incident
On Sept. 13, Shiba Inu’s layer-2 network Shibarium suffered what developers described as a coordinated exploit involving a flash loan attack and a temporary validator takeover.
According to Shibarium developer Kaal Dhariya, the attacker used a flash loan to acquire 4.6 million BONE, then gained access to validator signing keys, allowing them to achieve majority control and sign a malicious state to drain assets from the bridge.
The stolen BONE tokens remain locked under Validator 1 due to unstaking delays, which Dhariya said gives the team a window to freeze the funds.
As a precaution, Shibarium paused staking operations, transferred funds to a secured 6-of-9 multisig hardware wallet, and launched a full investigation to determine whether the breach originated from a server or developer machine or server.
The team said it is collaborating with Hexens, Seal 911 and Peck Shield and has also notified relevant authorities. Developers noted that they are open to negotiations adding to “If the funds are returned, we will not press charges and may offer a small bounty.”
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At the time of writing, Shiba Inu (SHIB) was down 2.2% in the past 24 hours trading at $0.000009792 at CoinGecko. Its market cap stands at $5,768,164,944.