Shiba Inu Announces $23,000 Reward After $2.4 Million Shibarium Bridge Hack

Bounty Offer for Stolen Assets: Shiba Inu's DeFi platform has offered a 5 Ether ($23,000) bounty to hackers who exploited its Shibarium bridge, draining $2.4 million. The team is open to negotiations and has contacted authorities while investigating the breach.

Details of the Exploit: The attack involved compromised validator signing keys and a flash loan to gain control over the network, allowing the attackers to execute fraudulent transactions and steal funds.

Emergency Measures Implemented: In response to the exploit, Shibarium developers paused staking functions and transferred funds to a secure hardware wallet to protect remaining assets from further attacks.

Impact on Token Prices: Following the exploit, prices of Shiba Inu ecosystem tokens dropped significantly, with SHIB falling 7% and BONE experiencing a 38% decline, reflecting investor concerns over security vulnerabilities in the network.