Shibarium Prepares $4M Refunds After Exploit as SHIB Price Stalls
Shiba Inu’s layer-2 network, Shibarium, is in a recovery phase after a $4 million exploit led to an emergency shutdown. The development team is working on refunding affected users and restarting the Ethereum bridge.
Key Developments in Shibarium's Recovery
- The breach involved fake data submission to Ethereum-linked contracts on September 12, causing an automatic shutdown.
- All validator keys have been rotated, and over 100 ecosystem contracts migrated to secure wallets.
- 4.6 million BONE tokens, valued at over $2 million, were recovered from the attacker's contract.
- The attacker attempted to stake millions in BONE tokens to control the network, resulting in a theft of approximately $4.1 million in assets like ETH and SHIB.
- Negotiations with the hacker failed despite a 50 ETH bounty offer for returning the funds.
SHIB Technical Analysis
- SHIB is trading within a symmetrical triangle pattern, indicating a potential decisive move soon.
- Current price is around $0.0000127, with resistance at $0.0000135 and support at $0.0000113.
- Narrowing Bollinger Bands suggest impending volatility; a breakout above $0.0000135 could lead to bullish targets of $0.0000160 and $0.0000185.
- A drop below $0.0000113 might trigger a bearish test towards $0.0000100 or $0.0000085.
Market Indicators
- RSI is about 53, indicating neutral market conditions.
- MACD shows a mild bullish bias with a slight crossover above the signal line.
- Chaikin Money Flow is near zero, suggesting limited capital inflows.
- Balance of Power remains slightly positive but weak, showing buyers are not yet dominant.