The Shibarium bridge was the target of a hacker attack that resulted in a loss of assets totaling $2.4 million. Developers acted to minimize the impact and initiated an investigation.
Overview of the Shibarium Attack
On Friday, the Shibarium bridge was exploited in a flash loan attack, resulting in a $2.4 million loss. The attacker borrowed 4.6 million BONE tokens and gained control of 83% of validator signing keys, draining 224.57 ETH and 92.6 billion SHIB.
Developers' Response
In response to the exploit, Shibarium developers suspended staking and unstaking, locking the borrowed BONE under existing delay mechanisms to prevent the attacker from retaining long-term control. K9 Finance also blocked tokens worth approximately $700,000 from being sold.
Market Reaction After the Incident
Following the attack, the price of BONE saw significant fluctuations, surging 78% from $0.165 to $0.294 within an hour before dropping to $0.202. Meanwhile, SHIB rose by 4.5% over the previous 24 hours despite the breach.
The Shibarium bridge hack uncovered serious vulnerabilities in validator security. The developers' prompt response helped mitigate the impact, but recovery and investigations are ongoing.
