Shiba Inu (SHIB) is launching a DAO to give holders a voice in governance. The DAO will feature two councils: Charity and Culture & Heritage. SHIB’s price is down 82.4% from its 2021 peak, despite growing real-world use.

Shiba Inu (SHIB), the leading meme coin and the 13th-largest cryptocurrency by market capitalization, is preparing to launch its own Decentralized Autonomous Organization (DAO). Announced by the project’s marketing head “Lucie” on August 25 in a comprehensive post on X, this move marks a pivotal shift in the meme coin’s governance structure, empowering its community with a more significant role in shaping its future. From a community-driven experiment to a major player in crypto Shiba Inu, which began as a community-driven meme coin experiment in 2020, has evolved from a modest digital asset into a major player in the cryptocurrency landscape. Created by the enigmatic Ryoshi, Shiba Inu started with no clear purpose other than to test the possibilities of a token driven entirely by its community. After Ryoshi relinquished control by burning the keys to the token’s supply, the project fell into the hands of volunteer Shytoshi, under whose leadership Shiba Inu has garnered global recognition and substantial market presence. Introducing a governance model for SHIB holders The forthcoming DAO will introduce a new governance model where SHIB holders will have a voice in the project’s future direction. This model aims to democratize decision-making within the Shiba Inu ecosystem, giving every holder, regardless of their stake size, a say in key initiatives. The DAO will be guided by two primary councils: the Charity Council and the Culture & Heritage Council. These councils will oversee community-driven efforts such as charitable outreach and preserving the unique culture of the Shiba Inu community. In addition to SHIB, other tokens in the Shiba Inu ecosystem, including Bone ShibaSwap (BONE) and Doge Killer (LEASH), will play roles in DAO governance. BONE holders will focus on education and innovation, while LEASH holders will address inclusivity and transparency within the project. Shiba Inu (SHIB) price performance Despite Shiba Inu’s significant achievements, including its integration into everyday transactions through various merchant partnerships, the price of SHIB remains down 82.4% from its all-time high of $0.00008616 recorded in October 2021. The meme coin’s price has also been affected by recent events, including a major hack of the Indian exchange WazirX, which resulted in substantial losses for SHIB holders. At press time, SHIB was trading at $0.000015 up 13.8% over the last week as it tries to recover from the recent drop. As Shiba Inu continues to adapt and expand, its move toward decentralized governance represents a major milestone in its journey from a community experiment to a leading cryptocurrency. The introduction of the DAO is set to enhance the token’s governance, utility, and impact, reaffirming Shiba Inu’s commitment to leveraging the power of decentralized initiatives.

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Avalanche and ZKsync Discord servers were compromised within 48 hours of Polygon. Attackers shared fake links promising free tokens, exploiting both communities. Avalanche resolved their issue within an hour, while ZKsync’s breach remains unaddressed.

Over the weekend, the blockchain community was rocked by a series of Discord server compromises that began with Polygon and quickly spread to Avalanche and ZKsync. The incidents, which involved the distribution of malicious links promising fake token distributions, highlight a growing trend of security breaches targeting cryptocurrency projects. These attacks not only undermine trust but also pose significant risks to users’ assets. Phishing links shared after Avalanche Discord compromise On August 25, Avalanche’s official Discord server was compromised, with attackers posting fraudulent links claiming to offer free AVAX tokens. The official Avalanche account promptly alerted users to avoid interacting with or clicking on any links shared in the compromised server. Screenshots from members of the Avalanche community revealed the nature of the scam, which promised sham “distribution” schemes for AVAX tokens.

Avax discord looking sus…disabled chat in all channels and an announcement about “claiming Avax from the foundation” My advice? …don’t click anything in that discord for a while… pic.twitter.com/x9MLy4vPeX — Stog Chog🔺 (@stogchog) August 25, 2024

Avalanche’s community lead, Ben Well, reported that the issue was identified and resolved within an hour, with efforts underway to restore normal server operations.

UPDATE: The official Avalanche Discord has been resecured and will reopen when CMs deem appropriate. https://t.co/bMwSI87TAs — Avalanche 🔺 (@avax) August 25, 2024

Despite the swift response, the incident raised concerns about the vulnerability of major blockchain projects to similar exploits. ZKsync Discord hit by simultaneous attack The security breach at Avalanche was shortly followed by another incident, this time affecting ZKsync. Just an hour after Avalanche’s compromise, ZKsync’s Discord server was also breached. Attackers used the same tactic of disseminating fake links, this time promising users free ZK tokens through a bogus “round 2 airdrop” scheme. Although ZKsync has not yet officially addressed the exploit on social media, several team members have acknowledged the issue on their Discord channels. Crypto Discord server attacks on the rise The recent attack on Polygon, Avalanche and ZKsyncs’ Discord is part of a troubling trend of high-profile breaches in the crypto community. On March 25, 2023, CertiK exposed a phishing scam on Arbitrum’s Discord, which exploited a compromised developer account to spread a malicious link. Similarly, on May 5, the Gnus.AI network suffered a Discord-related exploit, resulting in a $1.27 million loss. This sequence of breaches underscores a troubling pattern of coordinated attacks targeting prominent blockchain platforms. The attacks, which involve phishing schemes and fraudulent token distributions, not only threaten individual users but also compromise the integrity of the affected projects.

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