- Shibarium exploit drained $2.4M, shaking Shiba Inu investor confidence.
- Shiba Inu (SHIB) recently tested its 200-day SMA support after a 13% two-day drop.
- Buyers are dominating Shiba Inu futures, hinting at a possible breakout above $0.000017.
Shiba Inu has found itself at the centre of market attention after a sudden downturn triggered by a major exploit on its Shibarium network.
The exploit has shaken investor confidence, pushed the memecoin prices lower, and left the community questioning the security of one of the most prominent meme coin ecosystems.
At the same time, traders are closely watching technical indicators that suggest a potential breakout could be on the horizon if key levels hold.
The Shibarium hack: what happened?
The Shibarium hack, which drained an estimated $2.4 million from the Shibarium bridge, was orchestrated through a carefully executed flash loan attack.
By borrowing millions in Bone ShibaSwap tokens, the attacker gained majority control over validator keys and signed off on a malicious state, siphoning funds from the network.
UPDATE 13/09/25
What we know so far about the recent incident 👇
How the exploit was executed:
• The attacker used funds from the bridge hack in the same block as the attack to acquire 4.6M BONE to temporarily gain validator voting power, attempting to do it in one… https://t.co/4Ft1VMxeBv
— Shib (@Shibtoken) September 13, 2025
Tikkala Research, a blockchain security firm, later confirmed that the exploit extended further, with compromised signer keys linked to ShibaSwap pushing the total loss closer to $2.8 million.
It seems like multiple signer keys appear to have leaked in Shibaswap, causing a $2.8M loss today @Shibtoken. The attacker (https://t.co/B9pqiGqIvy) withdrew multiple times by providing legit Merkle leaf exit requests from a root signed by 10 different addresses. The “legit”…
— Tikkala Security (@TikkalaResearch) September 12, 2025
However, developers have moved quickly to mitigate further losses, freezing staking and unstaking functions while shifting funds into a multisignature hardware wallet.
Security experts from PeckShield, Hexens, and Seal911 have joined the investigation, while the Shiba Inu team has also reached out directly to the attacker with an unusual on-chain bounty offer.
The bounty offers five Ether in exchange for returning the stolen assets, a proposal that remains active for thirty days but begins to shrink after the first week.
Shiba Inu’s lead ambassador Shytoshi Kusama has also broken weeks of silence to assure the community that he remains deeply involved.
Dismissing rumours of his absence as “preposterous,” Kusama confirmed he is working alongside lead developer Kaal Dhairya and others in what he described as a “war room.”
Kusama admitted the situation is complex and called for patience as the team works through the next steps with law enforcement and security specialists.
Market response
The fallout was immediate. Shiba Inu fell by more than 13% within 48 hours, dropping from a September high of $0.00001484 to an intraday low of $0.00001297.
The slide tested the token’s 200-day simple moving average, a critical support zone that traders are now watching closely.
Other tokens tied to the ecosystem were not spared either. Bone lost more than one-third of its value in just a few days, while K9 Finance’s KNINE token shed around 10%.
Shiba Inu price outlook
Despite the hack and the uncertainty that followed, Shiba Inu’s market sentiment has not collapsed entirely.
Shiba Inu derivatives data from Coinglass shows that buyers continue to dominate, signalling resilience even as spot prices hover near support.
Notably, the Shiba Inu price has been tightening within a symmetrical triangle pattern, with consolidation around $0.00001316.
A decisive breakout above $0.000017 could open the door for a move toward $0.00005, although that path will depend on whether confidence in the network can be restored.
