SHIB, Dogecoin (DOGE) Prices Slide $2.4M Shibarium Hack

The meme token market took a hit recently as news of a multimillion-dollar hack on Shiba Inu’s layer-2 network, Shibarium, spread, causing investor confidence in joke cryptocurrencies to waver. The attack, which occurred on Sunday, saw the attacker exploit a flash loan to drain approximately $2.4 million in ether (ETH) and SHIB from the network. As a result, the CoinDesk Memecoin Index plummeted by 6.6% over the past 24 hours, while the broader market CoinDesk 20 Index only saw a 2.3% decline.

The attacker managed to borrow 4.6 million BONE tokens, the governance token for the Shiba Inu ecosystem, through a flash loan, gaining control of the majority of validator keys on Shibarium. These keys are crucial for confirming transactions and ensuring the network’s security. With this control, the attacker was able to manipulate the system into approving unauthorized transactions and siphoning off a significant amount of crypto assets from the bridge connecting Shibarium to the Ethereum blockchain.

Fortunately, the Shiba Inu team was able to contain the breach to some extent as the BONE tokens used by the attacker were tied to validator 1 and subject to staking rules. Nonetheless, the incident served as a stark reminder of the security vulnerabilities inherent in blockchain technology.

In response to the breach, meme coins like SHIB experienced a decline, with SHIB falling by 4% to $0.00001369 on Sunday and continuing to weaken to $0.00001359 in recent trading. The BONE token also saw a drop of over 2% in the past 24 hours, trading at around 20 cents.

Technical analysis of SHIB revealed that the token established a crucial support level at $0.000013547 amidst heightened selling pressure. Despite the volatility, the token showed signs of recovery with ascending channel formations and sustained higher lows, indicating a potential move towards the $0.000014000 resistance level.

In addition to the hack on Shibarium, a large transfer of DOGE to a centralized exchange contributed to the bearish sentiment in the market. Dogecoin (DOGE) fell by 4% to 27.80 cents on Sunday and further declined to 27.36 cents. The transfer of 119,306,143 DOGE, worth over $34 million, to OKX exchange from an unknown wallet raised concerns of potential liquidation.

Overall, the recent hack on Shibarium and the subsequent market reactions underscore the ongoing security challenges faced by the blockchain industry. Investors and traders are advised to exercise caution and stay vigilant in the face of such incidents. The world of technology is constantly evolving, with new advancements and innovations being made every day. One area that has seen significant growth in recent years is artificial intelligence (AI). AI is the simulation of human intelligence processes by machines, especially computer systems. It has the ability to learn from experience, adjust to new inputs, and perform tasks that typically require human intelligence.

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