Shiba Inu Bridge Breach Stalls Shibarium; SHIB Eyes 66% Rally
Shiba Inu (SHIB) developers paused the Shibarium Ethereum bridge after a Sept. 12 exploit granted unauthorized validator power, allowing attackers to withdraw assets—including ETH, SHIB and BAD tokens—via forged proofs and stake amplification. Led by Kaal Dhairya, the team rotated keys, tightened custody controls and halted bridge operations pending third-party security audits and forensic reviews, with no reopen date announced. Meanwhile, ShibaSwap DEX launched a multi-chain upgrade uniting trading, liquidity and analytics to streamline user experience during bridge remediation.
On-chain data shows the exploiter selling off stolen tokens, notably dumping all BAD holdings. Authorities and external experts are engaged, though recovery details remain under wraps. The core team plans an FAQ to track investigation updates and curb rumors.
Technical indicators highlight a potential breakout for SHIB: a monthly altseason ratio signals small-cap outperformance versus Bitcoin, and a weekly chart outlines bullish targets upon a close above descending resistance. Despite a recent breakdown from a rising wedge, SLIB’s daily chart projects a move to 0.00001942 (around +66%) if price reclaims the 50-day EMA and broken wedge line. Traders should watch support at 0.00001276 and volume for confirmation.
Neutral
The news combines negative and positive factors, resulting in a neutral outlook. The Shibarium bridge exploit and prolonged pause undermine short-term confidence, echoing past incidents like the Ronin hack where bridging outages weighed on token prices. Conversely, the ShibaSwap multi-chain upgrade and bullish technical setups (altseason ratio, breakout charts) offer upside potential if key levels hold. In the short term, traders may remain cautious until audits conclude and the bridge reopens. Over the longer term, successful security reviews and feature rollouts could restore confidence and support a rebound toward the 0.00001942 target.