Shibarium’s key developer Kaal Dhairya has drawn the Shibarium bridge hacker’s attention to the upped bounty for returning the banned KNINE tokens. Back in mid September, Shibarium L2 succumbed to a cross-chain bridge hack, siphoning approximately $2.4 million in assets, mostly in Bone ShibaSwap (BONE) & K9 Finance DAO (KNINE) coins.
Shibarium Dev Urges Hacker: “Do Something Right”
Days into the multi-million dollar hack, Shibarium’s team managed to black-list the fraudster’s wallet, so all of the 248B KNINE coins are not sellable unless the ban is lifted. Originally, K9 Finance offered a 5 Ether (ETH) bounty to the Shibarium bridge hacker, but the perpetrator had not responded, simply sitting on a worthless trashpile of KNINE tokens.
Now, it seems that the Shibarium bridge hacker had hit the jackpot – the bounty offer had just been officially quadrupled. “IDM: Dear Shibarium Bridge Hacker, Lucky day. New 20 ETH bounty to return stolen KNINE tokens”, – reads the message directly on Ethereum’s scanner.
Shibarium Coins Dip Hard Following Bridge Hack
At the current prices, that’s just above $70K for a bunch of KNINE tokens that have no market value whatsoever. Meanwhile, Shibarium’s devs implemented a new RPC & a buffer before withdrawing Bone ShibaSwap (BONE), adding an extra security layer to catch suspicious activity on time. The 248B stands for roughly 25% of all 999B KNINE supply, posing a huge liquidity hazard.
As the story escalates, K9 Finance DAO (KNINE) just hit a new all-time low today, bouncing off 1% from the bottom of $0.00000144. Notably, the Shibarium bridge incident has served a huge blow to Shibarium’s liquid staking derivatives (LSD) platform, pushing all associated ecosystem tokens below key levels.
The main ecosystem token Shiba Inu (SHIB) just plummeted to a new yearly bottom of $0.0000890, dropping 5.9% of its market value in 24 hours. Meanwhile, things weren’t looking any more bullish for Shibarium’s gas fee token Bone ShibaSwap (BONE), sliding by 11% to $0.09, according to CoinGecko.
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People Also Ask:
A flash loan attack on September 12 drained $2.3 million in assets, including ETH, SHIB, and KNINE, from the Shibarium-Ethereum bridge.
K9 Finance raised its reward to 20 ETH for the hacker to return 248 billion frozen KNINE tokens stolen in the September bridge exploit.
No—their crypto wallet is blacklisted, rendering the tokens completely un-sellable & absolutely worthless.
Yes, bridge relaunched in October with patches; transactions are stable, but validator risks remain a focus.
At Ethereum’s live price of $3.5K, the 20 ETH bounty is worth beyond $70K after a 5.9% drop in a 24-hour period.
