{"c0b65fd815ed527eec15586103278444":"Top meme tokens traded under pressure as a multimillion dollar hack of Shiba Inu's layer-2 network, Shibarium, dented investor confidence in joke cryptocurrencies.","27868bfde08bd0815957aad794b5da58":"On Sunday, Shibarium fell victim to a flash loan attack on its validator system, which drained about $2.4 million in ether (ETH) and SHIB. The CoinDesk Memecoin Index has dropped 6.6% in the past 24 hours. The broader market CoinDesk 20 Index (CD20) is down just 2.3%.","ca2f7c14b5375ef3126fa0a07bf6a40e":"The attacker borrowed 4.6 million BONE, the governance token for the Shiba Inu ecosystem, often linked to the decentralized exchange (DEX) ShibaSwap, through a flash loan to gain control of the majority of validator keys. The keys act as gatekeepers of the network, confirming transactions and ensuring security.","2c4c32d594b19e0d4192036e701f63dc":"With that control, the attacker was able to game the system into approving unauthorized transactions and walk away with a large amount of crypto assets from the bridge that connects Shibarium with the Ethereum blockchain. The process is akin to someone temporarily taking over a bank\u2019s security system to approve unauthorized withdrawals. A flash loan is a loan raised with no upfront collateral and returns the borrowed assets within the same blockchain transaction.","2b51961695e32ab74ab852776b1149fe":"The Shiba inu team was able to prevent a bigger, more serious breach because the BONE tokens used to gain control were reportedly tied to validator 1 and remained locked by the staking rules. ","3f3fb5c1918cbf98e6d6a60f1e64b2b5":"Nevertheless, markets reacted negatively breach, which again underscores the perennial security issues with blockchain technology.","8f49a6792f0995e9051b355d6942d59d":"Memecoins drop, broader market bid","4db229cba778c945cf80202f6dbf8ff5":"SHIB fell by the most in three weeks on Sunday (UTC), losing 4% $0.00001369, and has continued to weaken to trade recently at $0.00001359. The cryptocurrency experienced considerable volatility throughout the 23-hour trading window ended Sept. 15 at 02:00 UTC, with the aggregate range encompassing $0.000006191, a 4% oscillation from peak to trough.","b21e95d49503e8a9e77a9f2e6cb14091":"The session commenced with pre-dawn fragility as SHIB retreated from $0.000014156 to establish a pivotal trough of $0.000013547 at 14:00 UTC. Volume of 1.064 trillion tokens surpassed the 24-hour mean, signaling robust distribution pressure and prospective capitulation, according to CoinDesk Research's technical analysis model.","6042d8f6359abdd516b29c8fbe3fde5b":"The BONE token, which initially doubled to over 36 cents, is now down over 2% on a 24-hour basis, trading at around 20 cents. ","9772ba5b9cc14ae890a3a6bbc264d02a":"According to the technical analysis model:","795deb747e7409a8f75ae42ca5043b7d":" SHIB established a critical underpinning at $0.000013547 during elevated volume selling pressure exceeding 1.064 trillion tokens.","4468a7388876dde0924c4ee045ab717a":" The token constructed successive higher lows and consolidation parameters between $0.000013600-$0.000013780.","df20642d95e62d677215ff64b992f0c5":" Recovery momentum is demonstrated by ascending channel formations with sustained higher lows, indicating potential continuation towards the $0.000014000 resistance.","deb4bc1338cf05b3e4a9002541cd7809":" Volume patterns exceeded 24-hour averages during the decline phase, confirming potential capitulation levels.","ccdc2810f129e2900646842577950bb4":" Terminal hour trading exhibited decisive upward momentum with 1% appreciation, confirming a breach above the resistance threshold.","38bbf54a642bab15fc59321acd176411":"Large DOGE transfers add to bearish sentiment","155cd1032aab99966f399423c37159cf":"Meanwhile, SHIB's peer dogecoin (DOGE) fell 4% to 27.80 cents on Sunday and has since lost further 5% to 27.36 cents, according CoinDesk data.","fff5244b22e0ec447a75731db68383cb":"A massive transfer of DOGE to a centralized exchange likely added to the bearish mood in the market. According to Whale Alert, crypto exchange OKX received 119,306,143 DOGE, worth over $34 million, from an unknown wallet. Such large transfers are typically associated with an intention to liquidate holdings."}