🐶 $SHIB Pumps Mid-Rug?!

Hyperliquid’s USDH throne claimed.

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10 validator keys compromised. $2.4 million gone. The Shibarium bridge got outplayed. And somehow… SHIB still went up!

Here’s what we got for you today:

👀 Best crypto analysis tools part 2
⭐ $USA₮: the US-only stablecoin
⭐ $SHIB pumped while Shibarium got hacked
🔥 Burning hot takes for the road

💵 TETHER’S USA₮ – A FULLY COMPLIANT U.S. STABLECOIN

Big move from Tether: the world’s largest stablecoin issuer just announced USAT, a fully U.S.-compliant stablecoin aimed at the American market.

Source: @Tether_to

USAT is promoted as fully compliant with U.S. regulations under the new GENIUS Act. It’s issued via Anchorage Digital with Cantor Fitzgerald as custodian & market maker

→ The same firm that manages Tether’s U.S. Treasury reserves. It’s positioned as a complement to USDT, not a replacement.

So, Tether’s $USDT.X ( ▼ 0.01% ) remains the largest stablecoin with $170B market cap.

Top Stablecoins Coins by Market Cap. Source: Kraken

Tether also appointed Bo Hines – former Director of the White House Crypto Council under President Trump – to lead the USAT initiative as its future CEO.

CEO Paolo Ardoino framed this as the next chapter: proving digital dollars can thrive under U.S. regulation and strengthening confidence in USD in the digital era.

→ This marks Tether’s biggest push yet to re-enter the U.S. market, which historically has been a tough battleground due to past legal battles.

And they aren’t alone, other big players have recently launched U.S.-compliant stablecoins too:

Arc (Circle)
Tempo (Stripe + Paradigm)
Stable & Plasma (Tether’s other products)
Converge (Ethena)
mUSD (MetaMask)
USDm (MegaETH)
USD1 (World Liberty Financial)

USAT could become a major player, especially with Cantor Fitzgerald’s backing and Bo Hines leading the charge.

This feels like Tether’s big “olive branch” to U.S. regulators and maybe even a hedge against Circle’s growing influence.

If USAT gets traction, it could lock Tether back into the U.S. financial system instead of staying a “shadow dollar” for offshore markets.

If I were you, I’d watch how U.S. institutions respond.

→ Will they actually use USAT, or stick with USDC? If USAT gains credibility, we could see a new liquidity war and possibly better yields for users like us.

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🐶 SHIBARIUM BRIDGE HACKED: $2.4M DRAINED

On Sept 12, the Shibarium bridge, the link between Shibarium (Layer-2) and Ethereum, became the target of a well-planned flash loan attack that drained about $2.4M.

Source: @Shibtoken

Here’s what went down:

The attacker borrowed 4.6M BONE through a flash loan
Took control of 10/12 validator signing keys (≈ two-thirds of network votes)
Drained 224.57 ETH + 92.6B SHIB from the bridge contract
Sent everything to their own wallet
Some validators like K9 Finance and Unification refused to sign malicious states → preventing even worse losses

The attack didn’t stop there. The hacker also received $700K worth of $KNINE.X ( ▼ 2.04% ) tokens, but K9 Finance DAO blacklisted their wallet, instantly making those tokens worthless.

Other tokens (LEASH, ROAR, TREAT, BAD, SHIFU) were potentially at risk, though no confirmed theft has been reported.

The Shiba Inu dev team also moved fast & responded:

Paused staking and unstaking, locking the borrowed BONE so the attacker couldn’t dump it
Migrated bridge assets to a 6/9 multisig hardware wallet for extra security
Contacted law enforcement and signaled a possible bounty if the hacker returns the funds
Brought in Hexens, Seal 911, and PeckShield for a full post-mortem investigation

Lead dev Kaal Dhairya called the attack “sophisticated and likely planned for months” and promised a full public report after the investigation.

The market went wild right after the news:

$BONE.X ( ▼ 4.17% ) price spiked from $0.165 → $0.294 in just 1 hour, then fell back to ~$0.199
$SHIB.X ( ▼ 0.5% ) is still up ~10% this week, showing that community faith hasn’t completely collapsed

The fact that some validators resisted shows Shibarium isn’t completely compromised, but we have to admit: this was close.

If you hold SHIB or BONE, stay alert, watche for the final incident report, and raise your confirmation thresholds for any bridge activity.

I think the dev team will double down on security like multisig, audits, maybe even rotating validator keys. We need to treat Layer-2 security seriously. Don’t bridge big funds until we know this won’t happen again.

🔥 BURNING HOT TAKES FOR THE ROAD

FTX whales are dumping 192,000 SOL again? $SOL.X ( ▼ 3.1% ) has jumped ~18% this week. Read more

Polymarket chose Chainlink as its new oracle partner. $UMA.X ( ▼ 0.81% ) price plunged 10%. Meanwhile, $LINK.X ( ▲ 0.16% ) reacted positively. Read more

Monero ($XMR.X ( ▲ 4.15% ) ) saw 117 transactions reversed in a reorg attack, yet the price rose 7%, surprisingly. Read more

After a week-long bidding race, validators on Hyperliquid officially chose Native Markets to issue the USDH stablecoin. Read more

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