Shiba Inu rallied 8% following the team’s official response to the Shibarium bridge hack that saw attackers launder $2.4 million through Tornado Cash.
By Ibrahim Ajibade
Editor Marco T. Lanz
Updated
3 mins read
Shiba Inu SHIB $0.000009 24h volatility: 6.4% Market cap: $5.35 B Vol. 24h: $256.24 M price rallied 8% in the last 24 hours as markets reacted to the team’s response to the Shibarium bridge exploit that saw hackers launder funds across crypto-mixer Tornado Cash and deposit accounts linked to KuCoin exchange.
Shibarium Bridge hacker foolishly chose not to accept the K9 bounty – it’s finally time to share the investigation we’ve been working on…🔎 this is juicy 🤤
The hacker made one stupid mistake and it completely unravelled their Tornado Cash laundering. 💰🌪️💵
That one mistake… pic.twitter.com/itxsXbbGSm
— Shima 島。 (@MRShimamoto) December 1, 2025
Investigations drew attention on Monday after prominent researcher and Shiba Inu community contributor Shima published a comprehensive breakdown of the months-long tracing effort, which revealed how the attacker moved approximately 260 ETH through 111 wallets after seizing a majority of validator keys in mid-September.
The exploit originally drained an estimated $2.3 million to $2.4 million in ETH, SHIB and KNINE before the funds were progressively consolidated and sent into mixers.
Reacting publicly to Shima’s findings, core developer Kaal Dhairya added that the full evidence will be forwarded to the FBI, while also requesting cooperation from KuCoin.
Great work! This needs to be amplified. I will also ensure it's sent to the @FBI attached to the open investigation report and request @kucoincom to cooperate. https://t.co/sbwMOtrROP
— Kaal (@kaaldhairya) December 2, 2025
The urgency follows earlier attempts by Shibarium’s liquid-staking partner, K9 Finance DAO, to lure the attacker with a bounty that escalated from 5 ETH to a final 25 ETH. The exploiter declined each offer, and K9 has since confirmed that the bounty’s unclaimed ETH has been returned to contributors, including 20 ETH sent back to Shib.io.
Ultimately, Shima traced 232.49 ETH to KuCoin across 48 deposits routed through roughly two dozen funnel wallets. According to the research, KuCoin’s fraud desk requested a formal law-enforcement case number before freezing or reviewing the implicated accounts.
Thanks to @MRShimamoto for doing all the hard work here to compile this thread. We truly appreciate your diligence and methodical approach.
Hopefully this investigation can continue with the help of the proper authorities. The communities need answers.
– ShibNet X intern https://t.co/3TJgWU5azB
— Shibarium Network (@ShibariumNet) December 2, 2025
The official ShibariumNet team has now endorsed the investigation, emphasizing that coordinated action with authorities is essential as the community seeks transparency.
Shiba Inu surged to its highest level in 14 days, closing near $0.00000917 after printing a strong 8.4% intraday gain 24 hours after the Shibarium team acknowledged resolution to the fraud investigations.
The chart shows SHIB rebounding sharply from late-November lows around $0.00000754, with bullish follow-through lifting price above the short-term SMA (green) at $0.00000856 and now testing the mid-range SMA (blue) at roughly $0.00000886.
Shiba Inu (SHIB) Price Analysis | Source: TradingView
This breakout is important as SHIB traded below all 3 moving averages for nearly a month, suggesting that sentiment may have shifted decisively in favor of buyers.
The next challenge now sits at the longer-term 30-day and 50-day SMAs, converging near $0.0000093. A daily close above this band would confirm a trend toward October peaks at $0.000010 as the next target. If bulls maintain the elevated trading volume, SHIB is likely to withstand minor pullbacks and begin forming higher lows.
Holding above $0.00000880 keeps SHIB price positioned for a potential push toward $0.00001000, while back beneath the short-term averages would invalidate the breakout attempt and restore bearish control.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
