Shibarium launch falters, $2.5M locked in bridged funds wiping $500M from SHIB market cap Shibarium launch falters, $2.5M locked in bridged funds wiping $500M from SHIB market cap
Onchain sleuth ZachXBT described Shibarium's launch as sloppy.
2 min read
Updated: Aug. 17, 2023 at 11:37 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Shiba Inu’s highly anticipated layer2 network Shibarium mainnet launch started to a rocky start with the network recording stuck transactions and funds.
Blockchain security firm Beosin disclosed that about $1.7 million worth of Ethereum was currently locked on the bridge contract, adding that transactions on the network were pending.
CryptoSlate, using data from Shibariumscan, can confirm that the last successful transaction on the network occurred four hours ago as of press time.
Onchain sleuth ZachXBT shared a screenshot from Etherscan showing that an additional $762,000 worth of BONE tokens were stuck in the bridge contract.
This means that about $2.5 million worth of digital assets are currently stuck on the network’s bridge contract.
Meanwhile, the crypto community identified other issues ranging from the nonfunctional Remote Procedure Call to an “awful” block scanner, making it difficult for users to query their balance.
The network’s flaws have attracted criticism, forcing ZachXBT to describe its launch as “sloppy.” Meanwhile, Beosin advised users to “temporarily stop using Shibarium.”
Opportunity for malicious actors?
Amid these issues, Shiba Inu’s marketing executive, Lucie, warned the community on X (formerly Twitter) about malicious actors who might develop scam decentralized applications and rug-pull tokens, among other things, on the Shibarium network.
According to Lucie, Shibarium is open for anybody to build upon, like other blockchain networks like Polygon (MATIC) and Ethereum (ETH). The marketing executive warned that the “mere incorporation of the term “Shibarium” or “Shib” in their names holds no credibility” and advised the community to prioritize research before investing in any project.
“Prioritize research: delve into their Telegram and Discord channels, gauge the community’s atmosphere, scrutinize their social media posts, and check Etherscan.”
Shiba-related tokens falter
The issues with the Shibarium launch have massively impacted the price performance of Shiba Inu-related tokens, with BONE and SHIB among CryptoSlate’s top 10 losers of Aug. 17.
As per the data, SHIB fell more than 10% to $0.000009068 as of press time, wiping around $500 million from its market capitalization in the last 24 hours. On the other hand, BONE plunged 16% to $1.28367 at the time of writing.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Shiba Inu (SHIB) is a decentralized meme token that aims to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. According to SHIBA INU, the reasoning behind the creation of SHIBA is that Shibas constantly forget where they bury their treasure.
Ethereum
$2,888.24
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Polygon
$0.67095
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
