SHIB Drama Unfolds: Did Shiba Inu’s Security Breach Endanger Funds? 🧐💥

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In Brief:

  • On Friday, reports surfaced that Shiba Inu’s Shibarium may have fallen victim to a hack after several shady transactions.
  • The team reassured investors that funds are safe and provided an update on their actions and next steps.

The SHIB Security Fiasco

Ah, the sweet smell of scandal in the crypto world. It was last Friday when the mighty PeckShield raised the red flag, and like a knight in shining armor, the official Shiba Inu channel on X stepped forward to assure us all-“We’re on it.” Apparently, they quickly called in their elite security partners to launch a full-on investigation. They weren’t fooling around. One of the first updates on Saturday mentioned that a carefully crafted attack, most likely brewed over several months, had been unleashed. The weapon of choice? A flash loan that bought a hefty 4.6 million BONE tokens. Talk about a crypto heist in action!

But the villain wasn’t done yet. Oh no, this mastermind gained access to validator signing keys, seized majority validator power, and signed a malicious state, allowing them to drain assets from the bridge. However, a small victory for the good guys: The tokens were delegated to Validator 1, where they stayed locked up due to unstaking delays, giving the Shiba Inu team enough time to freeze them. Phew, close call, right?

Fast forward to today, and a Q&A shared by LUCIE (not to be confused with Lucy, the office gossip) confirmed that only a modest amount of ETH/SHIB had been moved. The culprit snagged 224.57 ETH (worth about $1 million) and 92.6 billion SHIB ($1.33 million). The token heist didn’t stop there, though. Other tokens like LEASH, ROAR, TREAT, BAD, and SHIFU were also affected but remained untouched. Oh, and the attacker tried to sell $700,000 worth of KNINE, but guess what? K9finance DAO multi-sig swooped in and blacklisted their address. A true “better luck next time” moment!

Are Funds Safe, and What’s Next?

“Your funds are safe.” No, really, they assured investors that staking and unstaking were paused, and all funds were securely transferred to multi-sig cold storage. If there’s one thing they seem to be good at, it’s securing things (even if they were a little slow to notice the breach). They’ve even called in the big guns-security firms like PeckShield, Seal911, and Hexens-to continue investigating this mess.

So, what’s the game plan moving forward?

  • • Secure the transfer of validator keys and ensure the integrity of the entire chain.
  • • Once security is ensured, restore the stake manager funds.
  • • Keep working with partners to freeze any funds linked to the attacker.
  • • Release a full incident report once all investigations are complete.

Now here’s the kicker: Despite all this drama, the Shiba Inu token (SHIB) has made a stunning comeback. Over the last 24 hours, it gained a whopping 9%, hitting $0.0000145-a level not seen in about a month. Guess the drama doesn’t hurt their street cred after all. 😎

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2025-09-13 17:52