The Shiba Inu network, known for its SHIB cryptocurrency, has suffered a significant flash loan attack leading to considerable losses.
Details of the Flash Loan Attack
The attack on Shibarium, the layer-2 network of Shiba Inu, resulted in the theft of approximately 224.57 ETH and 92.6 billion SHIB. The attacker used a flash loan of 4.6 million BONE, Shibarium's governance coin, and accessed 10 out of 12 validator keys to gain majority control of the network.
Measures Taken After the Attack
In response to the attack, Shiba Inu developers suspended staking and unstaking operations, limiting the attacker's influence. Additionally, a technical review was initiated in collaboration with security firms.
Market Response Post-Incident
Following the attack, significant price fluctuations were observed. The price of BONE increased from $0.165 to $0.294 before decreasing to $0.202. Meanwhile, SHIB saw a 4.5% increase in value over the past 24 hours.
The Shiba Inu attack highlights the risks associated with flash loans and the need for enhanced security measures in cryptocurrency networks.
