Shiba Inu’s layer-2 network, Shibarium, is preparing to restart its Ethereum bridge following a security breach that led to a $4 million exploit earlier this month. Developers confirmed that they are not only working to restore the bridge but are also outlining a compensation plan for users affected by the attack. The incident, which forced an emergency shutdown, has raised concerns across the community, but the team insists the project is stronger after implementing new safeguards. Bridge Restart and Security Enhancements As reported by Coinpaper, the exploit occurred on September 12 when a hacker manipulated Shibarium’s Ethereum-linked contracts with fake data. This triggered an automatic shutdown designed to protect the network. At the same time, the attacker staked millions of dollars in BONE tokens in an attempt to gain control of validation thresholds. While approximately $4.1 million worth of ETH, SHIB, and other tokens were drained, developers were able to recover 4.6 million BONE tokens soon after. In a post-mortem update , the team said all validator keys have been rotated and over 100 contracts were migrated to secure wallets. These moves aim to harden the network against future exploits. Plans for reimbursing affected users remain in progress, signaling the developers’ intent to restore trust within the ecosystem. Analysts Eye Possible Price Rebound Despite the setback, analysts are turning their attention to Shiba Inu’s market performance. Community analyst Javon Marks has pointed to a bullish divergence on SHIB’s two-day chart. This technical signal often suggests a reversal from bearish to bullish momentum. Marks projects SHIB could climb more than 150%, with price targets near $0.000032. The token last reached those levels in December 2024 during a broader market rally. Marks further believes that breaking past $0.000032 could open the door to even higher moves, potentially extending toward $0.000081. That would place SHIB closer to its all-time high of $0.00008845. Key Resistance Levels to Watch Source: X Other analysts also see near-term opportunities. CW8900 highlighted that breaking through the $0.000013 sell wall could push SHIB toward $0.0000155. The token currently trades near $0.00001253 , reflecting a modest weekly gain despite a slight daily decline. With a circulating supply of 590 trillion SHIB, the project still maintains a $7.3 billion market cap.
