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Shibarium developers have confirmed that they plan to restart the Ethereum bridge after a $4 million exploit prompted an emergency shutdown in September. The team claimed that they have rotated all validator keys and migrated over 100 ecosystem contracts to secure wallets.
The developers also stated that they were able to recover %4.6 million BONE tokens from the attacker's contract immediately after the exploit. These measures were intended to enhance security and ensure that the network remains vulnerable to such attacks in the future.
It is planned to recompense those users who have fallen victim to the exploit. Although the stolen money is in the attacker's possession, the team has announced that a method of refund is under development. Although it has not released a specific schedule, the effort to help users return to wholeness has been mentioned in community updates.
The hack was carried out on September 12 when a hacker uploaded spoofed data to Ethereum-linked contracts of Shibarium. This caused a default shutdown, which was protective in nature. The attacker tried to gain control over the network by staking millions of dollars' worth of BONE tokens to achieve validation levels.
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The attacker withdrew $4.1 million worth of ETH, SHIB, and 15 other tokens from the bridge, according to the September 17 update provided by Shibarium. The developer, Kaal Dhairya, added that the authorities had been contacted and stated that the team had attempted to negotiate, even offering a 50 ETH incentive if the funds were returned. Nonetheless, no consensus was achieved, and the attacker subsequently transferred the assets.
Market data indicate that the Shiba Inu price has decreased by 13% since the exploit, and BONE is down by over 43%. The attack has put additional strain on the Shibarium team to provide more robust safeguards and recover community trust by offering compensation and relaunching the bridge safely.
