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Developers aim to rebuild confidence after a hidden rebase flaw in v1, promising a simple, auditable token structure.
By Shaurya Malwa|Edited by Parikshit Mishra
Updated Sep 10, 2025, 11:43 a.m. Published Sep 10, 2025, 11:28 a.m.
- Shiba Inu developers announced the LEASH v2 migration will start soon after a security audit by Hexens.
- The original LEASH token had a flaw that allowed supply changes, undermining its fixed-supply claim.
- The new LEASH v2 aims to permanently fix the issue, with all tokens already minted and ready for migration.
Shiba Inu developers said on Tuesday 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 approval closes months of uncertainty caused by a hidden flaw in the original LEASH code that undermined its fixed-supply design, as the team had earlier noted.
STORY CONTINUES BELOW
LEASH was initially marketed as a scarce asset. However, the contract included a rebase mechanism that could alter supply under certain conditions, even after developers claimed the keys were burned.
The contract retained a “hidden-in-plain-sight” control path, with pre-authorized proxies still able to trigger supply changes. The flaw dated back to 2020 and was eventually exploited, eroding confidence in what was supposed to be a hard-capped token – causing a 20% jump in token supply earlier this year.
The new version is intended to close that loophole permanently. Hexens, known for audits of Polygon zkEVM and LayerZero, examined both the LEASH v2 token and its migration system.
Developers said the contract cannot mint new tokens under any circumstances following the new fixes, and that the full supply of v2 has already been minted into a multisignature wallet.
During migration, v1 tokens will be locked or burned while v2 tokens are released from the multisig in proportion to each holder’s entitlement.
The redesign is based on OpenZeppelin ERC-20 libraries to keep the token simple and auditable. Any advanced features, such as privacy layers, would be added later through wrappers rather than changes to the base token.
SHIB prices are down 1% over the past 24 hours, in line with a flat broader crypto market
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