Shibarium Hack Results in $2.4M Loss, Memecoins Under Pressure
Meme tokens experienced pressure following a $2.4 million hack of Shiba Inu's layer-2 network, Shibarium, affecting investor confidence in joke cryptocurrencies.
- Shibarium suffered a flash loan attack, losing about 2.4 million in [ether](https://holder.io/coins/eth/) and [SHIB](https://holder.io/coins/shib/).
- The attacker used 4.6 million BONE tokens to control validator keys, enabling unauthorized transactions.
- The attack highlighted persistent security issues in blockchain technology.
The CoinDesk Memecoin Index dropped 6.6%, while the broader market index fell 2.3%.
Market Reaction
- [SHIB](https://holder.io/coins/shib/) decreased by 4% to $0.00001369, continuing to weaken.
- Trading volume surpassed the 24-hour mean, indicating strong selling pressure.
- BONE token, initially rising, fell over 2% on a 24-hour basis to around 20 cents.
Additional Market Impact
- [DOGE](https://holder.io/coins/doge/) fell 4% to 27.80 cents, with further losses to 27.36 cents.
- A large DOGE transfer to OKX exchange, worth over $34 million, contributed to bearish sentiment.