The Shiba Inu team has offered a $24,000 bounty to the attacker behind the recent exploit that claimed $2.4 million from the Shibarium Bridge. More so, the offer became known through an on-chain message from the project team to the hackers on Monday.Â
In the note, they demanded that the bad actor return the stolen funds and claim the bounty, promising not to take any further action regarding the issue. The team also stated that the offer is only valid for 30 days.
Meanwhile, the protocol went on to establish that in the last seven days towards the deadline, the bounty will plummet and new criteria will be introduced. The bounty reflects the team’s commitment to reclaiming the missing assets as soon as possible.
Recall that last Saturday shortly after the attack manifested, one Shiba Inu developer confirmed that the project team is willing to negotiate with the hacker and retrieve the funds. However, the developer disclosed that the Shiba Inu has reached out to authorities.
It is worth mentioning that hackers drained $2.4 million in virtual assets from Shiba Inu’s Shibarium bridge last Saturday. According to reports, the bad actor managed to gain access to validator signing keys.
By that, the attacker acquired 4.6 million BONE tokens using a flash loan. Thereafter, the malicious actor gained a significant portion of validator power to siphon the assets from the Shibarium bridge.
How Shibarium developers responded to the attack
In response, relevant developers have halted their staking and unstaking functions while transferring their stake-managed funds to a hardware wallet. As revealed, the wallet is controlled by a multisig which guarantees water-tight security.
Similarly, Shibarium bridge developers are currently focused on resuming network activities and improving its security. Hence, the team revealed that it is working with top security teams such as Hexens, Seal 911, and PeckShield to determine the cause of the breach.
Once again, the recent hack underlined the vulnerability of DeFi bridges to flash loan attacks. The cryptocurrency market is losing significant funds to cyber breaches, most especially DeFi bridges.
The incessant occurrence has continued to undermine the adoption of digital assets among traditional investors. As a result of these vices, there are growing calls from key stakeholders on the need for improved security within the sector.
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