According to Shibburn data, 4,057,686 SHIB have been removed from the Shiba Inu supply in a matter of days.
A total of 4,057,686 SHIB tokens were burned in the last seven days as reported by Shibburn, marking a 138.57% increase in weekly burn rate. However, the reverse is seen daily, as less SHIB tokens were burned, resulting in a drop in daily burn rate. In the last 24 hours, a meager 117,566 SHIB were burned, marking a 89.01% drop in burn rate.
The 4,057,686 SHIB tokens burned in the last seven days have contributed to a drop in Shiba Inu’s total supply.
At its inception, Shiba Inu had a total supply of 1 quadrillion tokens. This has reduced by more than 410 trillion Shiba Inu tokens being slashed from the total supply.
According to Shibburn data, Shiba Inu’s total supply now stands at 589,247,706,073,045 SHIB.
Shibarium bridge exploit community update
Earlier this week, the official SHIB X account provided the Shiba Inu community with an update on the Shibarium bridge exploit over the last weekend.
As of this recent update, 17 different tokens were stolen from the bridge, including $1 million ETH, $1.3 million SHIB, $717,000 KNINE, $680,000 LEASH, $260,000 ROAR as well as smaller amounts of TREAT, USDC, USDT, BAD, SHIFU, FUND, DAI, LTD, XFUND, WBTC and OSCAR.
The attacker only sold their USDT and USDC to ETH while they attempted seven times to sell their KNINE before K9 Finance DAO was able to blacklist their wallet. All other tokens remain in control of the attacker and are at risk.
The leading possibility for the root cause of the attack was a compromise of internal validator keys, either from the developer machine or the server’s KMS. The Shiba Inu team has offered the attacker a 50 ETH bounty for the return of these stolen funds.