What Happened to LEASH? Inside the Shiba Inu Token’s Supply Controversy and V2 Migration

Doge Killer ($LEASH) supply increased by approximately 10% on August 11, 2025, from about 107,646 to 118,411 tokens, according to an investigation published the following day by Shiba Inu developer Kaal Dhairya. The change occurred at Ethereum block 23,119,734 at 18:55 UTC through a rebase mechanism that remained active after contract ownership was renounced.

Dhairya proposed migrating holders to a fixed-supply LEASH V2 without rebase functionality. The plan included allocation rules based on remaining balances and separate provisions for liquidity providers and bridged assets. Although the proposed token and migration contracts were audited in September 2025, no official migration portal has been identified as launched.

Contract Permissions Survived Renouncement

In an August 12, 2025, blog post, Dhairya attributed the supply increase to contract pathways authorized before ownership was renounced. The investigation described interactions involving a monetary-policy contract and previously authorized orchestrator or proxy contracts.

Renouncing ownership does not automatically revoke permissions previously granted to other contracts. Those permissions could allow the rebase mechanism to continue operating without direct owner control.

A rebase changes a token's supply and adjusts holders' balances proportionally. Dhairya's later updates said additional rebases pushed the increase above 20% relative to the original supply of approximately 107,646 tokens. The figure of 118,411 represents the supply reported at the initial event, not the higher level described in subsequent updates.

Dhairya did not identify who initiated the transactions or establish individual responsibility for the supply changes. He also reported that a former developer claimed a wallet had been hacked, but said the team could not independently verify the claim.

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DAO Considered Two Migration Options

On August 15, 2025, Dhairya presented LEASH DAO with two options: seek permanent disablement of the remaining rebase pathway with the former developer, or migrate holders to LEASH V2 without rebase functionality. He recommended migration, subject to community approval, through an official LEASH DAO proposal.

The proposed V2 token would use the standard ERC-20 format, have a fixed supply and no upgradeable proxy, and limit administrative roles through a multisignature wallet and timelock.

On August 18, Dhairya reported low voter turnout and extended the voting period by 24 hours. He cited possible obstacles, including LEASH held on centralized exchanges, difficulties voting from Shibarium, and problems with the blog's translation tool. An update also said withdrawal penalties on veLEASH had been removed during the incident window. The proposal closed with 96 votes cast.

Proposed Conversion Rules Varied by Holder Type

In an August 22, 2025, blog post, Dhairya outlined an allocation method based on the intended original supply relative to LEASH V1's then-current supply. Under the plan, each eligible holder's remaining balance would determine their V2 allocation.

Dhairya summarized the approach as: “Held = whole. Sold = reduced. Sold out = zero (unless you rebuy).”

The proposal also called for targeted snapshots of certain Uniswap V3 and ShibaSwap V2 liquidity providers, along with bridged tokens. The migration would proceed in three phases, with separate instructions for direct holders, liquidity providers, and users holding bridged assets. The plan specified a 1:1 conversion for native LEASH on Shibarium.

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The proposed arrangements described how different groups would be handled, but did not establish that the conversion had occurred. Holders were advised to wait for official migration instructions rather than use third-party services.

Audit Completed, but Migration Remains Unconfirmed

On September 9, 2025, Dhairya reported that cybersecurity firm Hexens had completed an audit of the V2 token, migration contract, and related processes. He said the token used OpenZeppelin libraries and that audit materials would be published alongside the mainnet launch materials.

The post said the first migration phase was expected to open within days. Contract addresses, a portal, and instructions were still to follow. Direct holders were told to wait for the portal, while stakers, liquidity providers, and users with bridged tokens would receive instructions specific to their situations.

The September 9 post was the latest LEASH-related update identified in Dhairya's published blog posts. On September 12, 2025, the Shibarium bridge suffered a separate security breach involving unauthorized validator signing power. Subsequent developer updates addressed containment and recovery efforts following that incident. The breach does not, by itself, establish why LEASH migration updates stopped.

As of October 21, 2026, no official LEASH V2 migration portal has been identified as launched, and no subsequent official announcement confirming the migration's completion or distribution of replacement tokens has been identified.

Holders should be cautious of unsolicited direct messages offering to arrange or accelerate the migration. Do not connect a wallet to an unverified site, sign unexplained transactions, or disclose a seed phrase or private key. Wait for instructions published through official Shiba Inu channels before taking any action.