The decentralized finance platform Shiba Inu on the Shibarium network has offered a 5 Ether bounty for the return of assets following a recent bridge exploit.
Overview of the Exploit and Bounty Offer
On Monday, the decentralized finance platform sent a message to the attacker stating that the bounty offer would remain open for 30 days. The protocol added that the bounty amount would start to decrease in seven days. K9 Finance also stated: "Settlement is atomic when we call recoverKnine(). If you call accept() we cannot cancel the deal. Code is law."
Measures to Restore Security
Shiba Inu developer Kaal Dhairya noted that the team has already contacted authorities but is open to negotiating with the attacker. In response to the attack, Shibarium developers paused their stake and unstake functions and moved their stake manager funds into a hardware wallet controlled by a multisig. "Restoring network security and safeguarding user assets remain our top priority," Dhairya added.
Impact on Shiba Inu Ecosystem Tokens
Following the exploit, tokens associated with the Shiba Inu ecosystem saw price declines. The Shiba Inu token dropped from $0.0000145 to $0.0000131, a 7% decrease. The K9 Finance token saw a 10% drop, while ShibaSwap’s token, BONE, suffered a sizeable 38% drop, going from $0.31 to $0.19.
The situation surrounding the exploit has shaken the Shiba Inu community, and developers continue to actively work on restoring network security and protecting user assets.
