Shiba Inu developers said the long-delayed LEASH v2 migration will begin in the coming days after security firm Hexens signed off on the new token and its migration contract. The announcement follows months of uncertainty after a hidden flaw was discovered in the original LEASH contract.
The original LEASH was marketed as a scarce, fixed-supply asset, but the v1 code contained a hidden-in-plain-sight rebase path. Pre-authorized proxies could, under certain conditions, alter supply even after developers believed control keys were burned. That loophole dated to 2020 and was exploited earlier this year, triggering a roughly 20% increase in circulating tokens.
The v2 design aims to permanently close that control path. Hexens audited both the token contract and the migration mechanism and found the updated code removes any minting path. Developers say the entire v2 supply has been pre-minted into a multisignature wallet so new tokens cannot be created during or after migration.
Under the migration, v1 tokens will be locked or burned while v2 tokens are released from the multisig proportionally to each holder’s entitlement. The team rebuilt the token using OpenZeppelin ERC-20 libraries to keep the base asset simple and more auditable; any advanced features will be added later through wrappers rather than changing the core contract.
Market context: SHIB has been essentially flat, down about 1% over 24 hours. Why it matters: sealing the rebase flaw reduces systemic risk and helps restore trust, but migrations carry their own smart-contract and operational risks. Holders should follow official channels, verify contract addresses, and only migrate through the team’s audited process.
Source: CoinDesk. Read the original coverage for full details.