• SHIB DAO funds were stolen in a $90K Ethereum heist, highlighting urgent security concerns in the Shiba Inu ecosystem.
• The incident underscores the need for improved accountability and safeguards in Web3 to prevent future crypto thefts.

After a recent collapse in Shiba Inu and Solana prices, CNF revealed that analysts have picked a new coin expected to give 10X profit. Currently, Shiba Inu (SHIB) is advancing its decentralization efforts with the launch of SHIB DAO on August 24, 2024.

As announced and tweeted by Maximous Shibarium, Welly’s fast food chain donated 37.5 Ethereum (ETH) to the SHIB DAO in 2022, intended to support SHIB ecosystem projects.

Originally launched in 2020 by its anonymous founder Ryoshi, control of SHIB was handed over to the community after Ryoshi’s departure.

However, internal conflicts arose in 2023, leading Shytoshi Kusama, Shiba Inu’s lead developer, to dissolve the Defense Breed team managing the funds. The team refused to return the funds until the DAO made a decision. By 2024, Shytoshi organized a new DAO to resolve the matter, but before the community could vote, the funds were stolen from the wallet on September 2, 2024.

Notably, a cybercriminal siphoned the 37.5 ETH and transferred it into three separate wallets before moving the funds to centralized exchanges. This incident has sparked calls for better security measures in Web3 to prevent such thefts.

Furthermore, Shytoshi Kusama has emphasized the importance of accountability, warning against rug pulls and fraudulent activities plaguing the broader crypto markets. As of now, Shiba Inu (SHIB) is trading at $0.0000132, with a decrease of 0.79% in the past day and 6.63% in the past week. See SHIB price chart below.

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