Shibarium’s big blow: Million dollar loss on flash loan

My friends, how are you all? Life is going well, with good and bad. However, the news from the crypto world sometimes surprises in such a way that it seems that the calculation of good and bad has become more complicated here. More or less, many people know that recently, Shiba Inu's layer-2 network Shiberium has suffered such a blow, which has spread panic among the investors of this network. Today, I am sharing some small discussions with you on that subject. I hope you will read it carefully, and then you will understand the whole matter.

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I still can't believe it. The beginning of the incident was absolutely dramatic. An unknown attacker suddenly used a flash loan to steal a huge amount of money, which is about 4.6 million BONE tokens. As soon as he got such a large amount of tokens, he easily took control of the validator system. After seizing the signing key, he got majority power and used that power to siphon assets from the Shiberium bridge. It is estimated that the attacker has stolen about three million dollars in assets.

However, it is not always the case that accidents happen and good news does not come. This incident is not completely disappointing. Because the tokens that the attacker had staked are still stuck in the process of unstaking. Taking advantage of this opportunity, the Shiberium team took quick action. They stopped staking and unstaking, transferred the remaining funds to a multisig hardware wallet and started investigating the incident. International cybersecurity companies have also been involved in this important investigation. Even more surprisingly, the Shiberium team has offered to negotiate with the attacker. If the stolen funds are returned, there will be no lawsuit, but a small bounty may be given, the Shiberium team said. Now it remains to be seen what will happen next.

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So the current market reaction was the strangest. Usually, after the news of the attack spreads, the price of the token should fall. But here the opposite happened. The price of the BONE token has almost doubled, although it later decreased slightly and settled at a price of about forty percent higher. In addition, the price of Shiba Inu's main token SHIB has also increased by about eight percent. This shows that something good has happened despite the loss.

So, friends, all in all, this incident has once again shown how uncertain the world of cryptocurrency is. Even big projects have gaps, and hackers can use those gaps to withdraw billions of dollars in a moment. So I think this is not just news for investors, but a kind of warning. How important it is to always be careful.

So, whether it's good or bad, every incident teaches us something new. This experience of Shibarium has also forced everyone to think about security in the crypto world once again.

Friends, I shared this short discussion with you. How did you like it, and have you read this news somewhere before?