The Shiba Inu core development team is intensifying its efforts to address the recent Shibarium bridge exploit, following a detailed on-chain investigation that traced the hackers' laundering activities to KuCoin deposit accounts. As stated in the official source, this development comes as the team collaborates with law enforcement to recover the stolen funds.
Investigation into Shibarium Bridge Compromise
Core developer Kaal Dhairya commended on-chain investigator Shima MRShimamoto for their thorough work, which has led to findings that will be forwarded to the FBI as part of an ongoing investigation. The Shibarium bridge was compromised in mid-September, resulting in an estimated loss of $23-24 million, prompting K9 Finance DAO, Shibarium's liquid-staking partner, to initiate a bounty process for the recovery of the stolen assets, although no claims were made.
Details of the Laundering Operation
Shima's investigation uncovered a sophisticated laundering operation, with 260 ETH being funneled from wallets linked to the exploit into Tornado Cash, and a significant amount eventually reaching KuCoin. The Shiba Inu team is now actively collaborating with law enforcement agencies to further pursue the matter and seek justice for the affected parties.
In a significant move for the blockchain sector, Deutsche Telekom has joined Theta Network as an Enterprise Validator, marking a notable shift in the telecommunications industry. This development contrasts with the ongoing efforts of the Shiba Inu team to address the recent Shibarium bridge exploit. For more details, see read more.
