Shiba Inu Lead Kaal Dhairya Calls $4 Million Hack 'Serious Incident' — Vitalik Buterin Says Focus On Low-Risk DeFi Than Memecoins

Core Insights - The recent hack incident on Shiba Inu's Layer 2 network, Shibarium, resulted in a loss of $4 million in cryptocurrencies, which has been labeled as a "serious" incident by the lead developer Kaal Dhairya [2][4] - The team has managed to contain the immediate damage and is collaborating with independent specialists and authorities to address the situation [2][3] - The hack involved the loss of 17 different coins, including $1 million in Ethereum and $1.3 million in SHIB, with the attacker temporarily gaining validator voting power [5] Security Measures - Bridge operations on Shibarium are currently restricted, and additional security safeguards have been implemented for deposits, withdrawals, claims, and rewards [3][4] - The Bone ShibaSwap tokens used for validator voting power have been recovered and secured [3] Decentralization Concerns - Dhairya acknowledged that the incident exposed shortcomings in decentralization, which had been deprioritized in favor of other roadmap items [4] - The timeline for resuming bridge operations has not been provided, with safety being the current priority [4] Internal Dynamics - Dhairya expressed frustration with the leadership dynamics within Shiba Inu, indicating a rift and dissatisfaction with those who have benefited from the situation [5]