The decentralized finance platform of Shiba Inu Coin has offered a reward of 5 Ethereum (ETH) (approximately $23,000) to the attacker of a recent cross-chain bridge vulnerability, urging the return of the stolen assets on its Shibarium Layer 2 network.
On Monday, the DeFi platform sent an on-chain message to the attacker, stating that the reward would be valid for 30 days. The protocol also added that the reward has a deadline and will begin to decrease after seven days.
K9 Finance stated, "The settlement will be executed as an atomic operation when we call recoverKnine(). If you call accept(), we cannot cancel the agreement. Code is law. The bounty has been initiated. Please act as soon as possible."
Shiba Inu Coin developer Kaal Dhairya mentioned in a post on the X platform on Saturday that the team has proactively contacted authorities and expressed a willingness to negotiate with the attacker.
The vulnerability on Saturday allowed malicious actors to steal approximately $2.4 million in digital assets by accessing validator signature keys. The attacker used a flash loan to purchase 4.6 million Bone ShibaSwap (BONE) tokens, gaining control over the majority of validators and signing malicious transactions to transfer funds out of the cross-chain bridge.
Dhairya stated that in response to this attack, the Shibarium development team has suspended staking and redemption functions and transferred the staking manager's funds to a hardware wallet controlled by multi-signature.
The team's top priority remains to restore network security and protect user assets, Dhairya pointed out. He added that the team is collaborating with security teams such as Hexens, Seal 911, and PeckShield for the investigation.
Following the incident, the prices of tokens related to the Shiba Inu ecosystem dropped. The price of Shiba Inu Coin (SHIB) fell from $0.0000145 on Saturday to $0.0000131 at the time of writing, a decrease of 7%.
The K9 Finance (KNINE) token dropped from $0.00000287 to $0.00000257, a decline of 10%. Meanwhile, the BONE token on the ShibaSwap platform has fallen 38% since Sunday, from $0.31 to $0.19.
Before the Shibarium vulnerability occurred, THORChain co-founder John-Paul Thorbjornsen (JP Thor) experienced a smaller-scale attack on his personal wallet. On Friday, on-chain investigator ZachXBT reported that Thorbjornsen was scammed out of funds during a Telegram conference call.
Related: Web3 white hat hackers earn millions, far exceeding the $300,000 annual salary of traditional cybersecurity positions.
Original article: “K9 Finance Offers $23K Bounty for Hacker After $2.4M Shibarium Attack”
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