Shibarium Bridge Suspended After $2.3M Hack: Recovery Plans Uncertain

TLDR

• Shibarium bridge remains inactive following a $2.3 million hack earlier this month.
• The attacker manipulated the system to withdraw assets, including ETH, SHIB, and ROAR tokens.
• Ten out of twelve Shibarium validators were compromised during the attack.
• The Shiba Inu team is prioritizing security and containment before reopening the bridge.
• Asset recovery options are still uncertain, and the team is exploring different strategies.

Shiba Inu’s Shibarium bridge remains inactive following a significant hack earlier this month. The attack compromised $2.3 million worth of assets. Users cannot currently transfer assets back to Ethereum. The team has not set a timeline for reopening the bridge, prioritizing security.

Validator Manipulation Leads to Shibarium Hack

On September 12, PeckShield, a blockchain security firm, detected an issue with Shibarium’s operations. The Shiba Inu team confirmed the hack after investigating the situation. The attacker used fraudulent exit requests to withdraw $2.3 million in assets, including ETH, SHIB, and ROAR tokens.

The hack occurred when the attacker manipulated the system to gain influence over validators. The attacker was able to convince the majority of validators (10 out of 12) to approve malicious transactions. As a result, they withdrew assets from the Shibarium network.

Shiba Inu’s team is currently focused on containing the attack’s damage. They aim to prevent further losses while securing the network. The team is also working to strengthen the system against future attacks.

Shiba Inu Team Focuses on Asset Recovery

Shiba Inu’s development team has not yet determined how to recover the stolen assets. The focus remains on containing the situation and ensuring security. Developers are working on securing the system before launching any recovery plans.

Shiba Inu’s team is considering multiple options for asset recovery. These include using funds from the treasury, burning tokens, or tapping into an insurance fund. Any potential solution will undergo community review before implementation.

The team has stated that they will provide updates once they finalize plans.

“We are committed to resolving this situation,” said Kaal Dhairya, a Shiba Inu developer.

The community will be informed through official channels.