TLDR:
- Market: Shibarium’s BONE token surged from $0.165 to $0.294 (78% spike) post-hack, now at $0.19, with SHIB up 10% weekly; $2.4M in assets (224.57 ETH, 92.6B SHIB) were stolen.
- Narrative: A flash loan attack of Shibarium’s bridge occurred on September 12th, 2025, draining 4.6M BONE valued at $2.4M in attempts to influence 10/12 validators. Shiba Inu reacted quickly, capping damage, though further investigations, like market dynamics, pose risks.
On 12th September, 2025, Ethereum bridging to Shibarium’s Layer-2 network was exploited in a sophisticated flash loan attack, losing about $2.4M. Attackers lent 4.6M BONE tokens to obtain ownership of 10 out of 12 validator signing keys, which afforded them a two-thirds vote majority. This enabled them to transfer 224.57 ETH and 92.6B SHIB away from the bridge contract, subsequently sending them to a personal address. Validators such as K9 Finance and Unification are cited as having resisted signing malicious states, which prevented further losses.
BONE that had been borrowed—frozen due to pending unstaking—and moving assets to a 6/9 multisig hardware wallet, insulating against further exploitation. The attacker also made a gain by $700K in KNINE tokens, although K9 Finance DAO blacklisted that address, so they became valueless. Other tokens (LEASH, ROAR, TREAT, BAD, SHIFU) had been affected but not moved. Lead developer Kaal Dhairya called the hack a months-long planned attack, with law enforcement and security groups Hexens, Seal 911, and PeckShield being called in by the team to investigate, with a bounty issued for fund recovery.
one hour from $0.165 to $0.294, then stabilized at $0.19, while SHIB upped 10% in a week in showing signs of resilience. The event highlights.validator susceptibilities, with a later-report to establish whether the hack originated in servers or developer equipment. Investors must keep up with the recovery process as well as validator security patches, being cautious of further market fluctuations as well as regulatory attention in this high-risk DeFi venture.
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