TL;DR
- Shiba Inu’s Audit Completion: Cybersecurity firm Hexens finalized a full review of LEASH v2, confirming the removal of minting functions and validating the migration system’s integrity.
- Migration Design: All v2 tokens are pre-minted and stored in a multisig wallet; the migrator contract cannot create new supply, ensuring fixed token mechanics.
- Rollout Plan: Migration begins in days via a secure portal, unfolding in three distinct phases for holders, LPs, and bridge users.
Shiba Inu’s development team has confirmed that the long-awaited migration to LEASH v2 is set to begin within days, following the completion of a full security audit. The move comes after a hidden vulnerability in the original LEASH contract was exposed, prompting a complete redesign of the token and its migration mechanics. The audit by the cybersecurity company Hexens is complete, and the project is now moving into its last pre-launch stage. The goal is to rebuild trust and maintain supply integrity throughout the ecosystem.
A Flaw Hidden in Plain Sight
The need for LEASH v2 arose from a buried rebase function in the original LEASH contract. Although the token was marketed as having a fixed supply, developers discovered that orchestrators and proxies retained the ability to trigger rebases under specific conditions. This flaw, present since 2020, was eventually exploited, undermining trust in the asset’s immutability. Shiba Inu’s Lead developer Kaal Dhairya revealed that prior claims of “burned keys” and “disabled rebasing” were misleading, as the contract’s structure allowed for covert manipulation of supply.
Hexens Delivers Final Security Greenlight
To address the issue, Shiba Inu enlisted Hexens, a Web3-focused cybersecurity firm known for auditing major protocols like Polygon zkEVM and LayerZero. Hexens performed a thorough evaluation of the LEASH v2 token, its migration contract, and the related processes for liquidity providers and bridge users. The audit confirmed that the new system eliminates minting capabilities and secures the migration process. All v2 tokens are already minted to a multisignature wallet, and the migrator contract does not hold any supply and cannot generate new tokens.
Migration Mechanics and Rollout Phases
The migration will unfold in three phases. Phase 1 involves the direct migration of holders, xLEASH/veLEASH/metaverse lockers, and UniV2/ShibaSwap V1 LPs. Phase 2 focuses on UniV3/ShibaSwap V2 LPs by utilizing liquidity snapshots and proof-of-withdrawal. Phase 3 will manage Shibarium and other bridge users with a one-to-one migration process. The contract calculates each user’s entitlement based on a supply ratio, transferring v2 tokens from the multisig as v1 tokens are burned or locked.
What Holders Should Know Before Launch
Holders should wait for the official migration portal and steer clear of any unsolicited sites that claim to help with the process. There is no presale or third-party fast track. Shiba Inu’s team will publish audit artifacts, contract addresses, and step-by-step guides alongside the launch. Any remaining v2 tokens in the multisig after the migration period may be burned, pending DAO approval.
