Shibarium hack sparks $4.1M loss as SHIB withdrawals surge amid regulatory clarity
A major security breach on Shibarium has shaken confidence in the SHIB ecosystem, even as the token sees large exchange withdrawals. Meanwhile, a new project called Pepeto has passed a full audit and is drawing investor interest with its presale raising over $8 million. The contrasting developments come as regulators clarify SHIB's status and analysts adjust price forecasts. A hacker exploited vulnerabilities in Shibarium's bridge checkpoints, draining around $4.1 million in ETH, SHIB, and other tokens. The attack exposed risks in cross-chain transfers, prompting concerns about the network's security.
In the same 24-hour window, investors pulled over 23.5 billion SHIB tokens from exchanges. The withdrawals suggest a shift in holding strategies, possibly in response to the exploit or regulatory updates. SHIB's price currently sits at $0.0000059, reflecting the market's reaction.
Regulatory clarity arrived as the SEC classified SHIB as a digital commodity, removing a long-standing uncertainty. This decision could ease trading restrictions and encourage broader adoption.
Elsewhere, Pepeto has completed a full SolidProof audit, verifying all its smart contracts. The project's presale has already attracted $8 million at a price of $0.000000186 per token. PepetoSwap, part of the ecosystem, flags risky contracts and hidden functions before funds are committed. It also allows free portfolio transfers across networks and blocks token scams at no cost to users.
Analysts at CoinDCX now project SHIB could reach $0.0000092 by the end of March. Their long-term forecast sees a potential high of $0.000027 by 2026, assuming Shibarium adoption grows significantly. The Shibarium exploit has highlighted security gaps, but large withdrawals indicate some investors remain positioned for future moves. Pepeto's audit success and presale momentum offer an alternative for those seeking lower-risk opportunities. With SHIB now classified as a commodity and new price targets set, the market's next steps will depend on network improvements and adoption rates.
