Shiba Inu Up 8% After Shibarium Hack Funds Traced to KuCoin, Evidence Sent to FBI

Published: 2025-12-03 21:47:31 |

Shiba Inu (SHIB) rose about 8% after Shibarium core developers and community investigator Shima published a detailed tracing of a mid‑September bridge exploit. The hack — estimated at $2.3–$2.4 million in ETH, SHIB and KNINE — involved a compromised Shibarium validator key that allowed withdrawals. Shima traced roughly 260 ETH through 111 wallets into Tornado Cash and then to centralized exchange KuCoin, identifying 232.49 ETH arriving via 48 deposits into 45 distinct deposit addresses (likely money‑mule accounts). A small on‑chain tx created a clustering link that helped map withdrawal and funnel wallets. Shibarium developer Kaal Dhairya said the team will forward the full evidence to the FBI and has requested KuCoin’s cooperation; earlier K9 Finance’s bounty (up to 25 ETH) went unclaimed and some bounty funds were returned. Technical market notes: SHIB recently broke above short‑term moving averages and closed near $0.00000917, with support ~ $0.00000880; a sustained daily close above ~ $0.0000093 could target $0.00001000. Traders should monitor exchange responses, law‑enforcement action, on‑chain flows and volume — tracing funds to a centralized exchange raises the possibility of recoveries or freezes, which are key catalysts for short‑term volatility or upside.

Bullish

Tracing the stolen funds to a centralized exchange (KuCoin) and the team’s decision to forward evidence to the FBI are constructive catalysts. If KuCoin cooperates or law enforcement succeeds in freezing or recovering assets, that could remove selling pressure and support SHIB price, producing upside or reduced downside risk. The news already produced an ~8% short‑term price move and technicals show SHIB clearing short‑term resistance levels; a sustained daily close above the cited threshold (~ $0.0000093) could target higher levels. However, uncertainty remains: prolonged investigations, failed recovery, or further negative disclosures could reintroduce volatility. For traders, the immediate effect is bullish bias tied to potential recoveries and positive sentiment, but the situation warrants close monitoring of exchange statements, on‑chain flows and volume for confirmation.