Shibarium Bridge Exploited for $2.4M as Developers Freeze Staking to Thwart Attacker
Another day, another bridge hack—Shibarium's infrastructure just got hit for $2.4 million, proving once again that in crypto, even the dogs aren’t safe.
Attackers exploited a vulnerability in the bridge’s staking mechanism, forcing developers to slam the brakes on all staking activities. The move aims to isolate the attacker and prevent further drainage of funds.
No user funds were reportedly compromised beyond the initial exploit, but the incident raises fresh questions about the security of cross-chain bridges—an industry Achilles' heel.
Developers are now working with security firms to trace the stolen assets and explore recovery options. Meanwhile, the Shibarium team has assured the community that a post-mortem and enhanced safeguards are underway.
Just another reminder: in decentralized finance, sometimes the only thing truly 'locked' is a headline-grabbing exploit.
How the exploit unfolded
The attacker borrowed 4.6 million BONE, Shibarium’s governance token, through a flash loan. By compromising 10 of the network’s 12 validator keys, the exploiter effectively gained majority control over Shibarium’s consensus mechanism. With that leverage, they drained around 224.57 ETH and 92.6 billion SHIB from the bridge and redirected the funds to their own wallet.
The haul also included about $700,000 worth of K9 (KNINE) tokens linked to K9 Finance, a project integrated into Shibarium’s ecosystem.
Developer response
Shiba Inu developers quickly moved to contain the fallout. They paused staking and unstaking functions, effectively locking the borrowed BONE tokens and preventing the attacker from consolidating control. Since BONE withdrawals are subject to an unstaking delay, the freeze ensured the attacker could not complete their power grab.
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Meanwhile, the K9 Finance DAO blacklisted the exploiter’s wallet, making it impossible for the stolen KNINE tokens to be sold on the open market.
Broader impact
Although the attack highlights persistent vulnerabilities in bridge security, developers framed the quick response as evidence of Shibarium’s resilience. Still, the exploit has rattled the Shiba Inu community, with BONE dropping nearly 10% and SHIB slipping slightly in the aftermath.
With the investigation ongoing, the incident reinforces how validator key security and cross-chain bridge safeguards remain critical pressure points for Layer-2 ecosystems.
