K9 Finance, a decentralized application built on Shiba Inu’s
$0.0000130
Layer-2 network Shibarium, has offered a 5 ETH
$4,507.01
bounty (valued at around $23,000) to the person responsible for a recent exploit.
The team is requesting the return of the stolen assets and has issued an on-chain message on September 15 outlining their offer.
The offer is available for 30 days, but starting one week from the announcement, the amount will begin to decrease gradually.
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The message emphasized that once the attacker accepts the agreement through a specific function, the deal becomes permanent and cannot be withdrawn by the project. K9 Finance stated that the process is final once the system registers the acceptance.
The breach took place on September 13. An attacker used a flash loan to acquire roughly 4.6 million BONE
$0.1887
tokens, which allowed them to gain majority control as a validator on the network.
This access was used to sign a malicious transaction that transferred around $2.4 million worth of digital assets from the Shibarium bridge.
Following the attack, the development team paused the staking and unstaking features to prevent further damage. They also transferred the protocol’s stake manager funds to a hardware wallet that is controlled through a multi-signature system.
Shiba Inu developer Kaal Dhairya confirmed that law enforcement had been notified, but added that the team is also open to speaking with the attacker to resolve the issue. Dhairya explained that the main focus is on restoring system safety and protecting user holdings.
Recently, a user on Venus Protocol lost $13.5 million after unknowingly approving a malicious transaction. How did the decentralized platform respond? Read the full story.
