- Shiba Inu’s Shibarium recovers from a $4 million exploit, improving security and ensuring no further breaches.
- Whale activity on Shiba Inu’s blockchain surges, with 62 billion SHIB tokens bought amid the recovery.
- Technical indicators predict a potential 150% surge in SHIB’s price, with key developments in ShibaSwap boosting liquidity.
Shiba Inu’s Layer 2 network, Shibarium, has successfully resumed operations after an exploit drained over $4 million. The network was temporarily suspended following a sophisticated attack, but developers have now implemented measures to restore activity and prevent further breaches.
Shibarium’s Ethereum bridge was taken offline after hackers exploited a vulnerability to drain over $4.1 million in assets. The attacker used a flash loan to acquire 4.6 million BONE tokens, which are Shiba Inu’s governance token. The exploit targeted the bridge by gaining control over 10 out of 12 validator keys, which allowed the attacker to alter consensus checkpoints. This momentary control led to fraudulent data being added to the blockchain’s Heimdall layer.
Immediate Shutdown and Recovery Efforts
In response to the attack, Shiba Inu developers shut down the bridge’s operations immediately, halting all activity. They then partnered with security firm Hexens.io to conduct a thorough examination of the infrastructure and implement necessary changes. After 10 days of careful inspection, the Shibarium team rotated validator keys, rescuing the stolen 4.6 million BONE tokens and securing the network.
To prevent similar attacks, the Shiba Inu team has introduced several new measures. The bridge’s security has been reinforced by blacklisting suspicious contracts and collaborating with dRPC.org to secure RPC endpoints. Additionally, withdrawal delays have been increased from one to thirty checkpoints to strengthen the network’s security. Over 100 contracts have been migrated to secure wallets, and real-time anomaly detection systems have been added to monitor the network.
Sentiment Shifts and Whale Accumulation
The recovery of Shibarium has been well-received by investors, with many anticipating a rally in SHIB. On-chain data indicates reduced selling pressure, while large whale investors have been accumulating SHIB tokens. Over 62 billion SHIB tokens have been purchased by whales, signaling growing confidence in the network’s future.
Experts are predicting a strong price surge for SHIB, with technical indicators pointing to a potential recovery of more than 150%. The token’s price may rise toward $0.000032, as bullish divergences in market data show increasing buy pressure. Additionally, recent improvements to ShibaSwap, the decentralized exchange, have bolstered liquidity and multi-chain trading, further fueling investor optimism.
Shiba Inu’s developers have continued to improve the overall ecosystem. The ShibaSwap platform has undergone a redesign to optimize trading and liquidity management. Shibarium’s developer hub has also been updated with more comprehensive documentation for node operators, aiming to encourage decentralization and enhance transaction activity across the network.
