Shibarium's launch falters, $2.5 million locked in intermediate funds, erasing $500 million from SHIB's market cap
Date: 2023-08-18 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Shiba Inu's highly anticipated Tier 2 Shibarium mainnet launch started off with a rocky start, with the network recording stuck transactions and funds.
Blockchain security company Beosin said that around $1.7 million worth of Ethereum is currently locked in the bridge contract, adding that transactions on the network are pending.
On-chain sleuth ZachXBT shared a screenshot with Etherscan showing an additional $762,000 worth of BONE tokens stuck in the bridge contract.
This means that about $2.5 million worth of digital assets are currently stuck in the network's bridge contract.
Meanwhile, the crypto community has identified other issues ranging from a non-functional remote procedure call to a "terrible" block scanner, making it difficult for users to query their balance.
The network's shortcomings drew criticism, leading ZachXBT to describe its launch as "sloppy". Meanwhile, Beosin advised users to "temporarily stop using Shibarium".
Opportunity for attackers?
Amid these issues, Shiba CMO Inu Lucy alerted the community on X (formerly Twitter) about attackers who could develop fraudulent dapps and tokens on the Shibarium network, among other things.
According to Lucy, Shibarium is open to everyone, as are other blockchain networks such as Polygon (MATIC) and Ethereum (ETH). The marketing director warned that "simply including the term 'Shibarium' or 'Shib' in their names is not credible" and advised the community to prioritize research before investing in any project.
“Prioritize research: delve into their Telegram and Discord channels, gauge the community vibe, take a close look at their social media posts, and check out Etherscan.”
Shiba-linked tokens are crashing
Issues with the launch of Shibarium heavily impacted the price performance of Shiba Inu-related tokens, with BONE and SHIB entering the top 10 underdogs of CryptoSlate on August 17th.
SHIB is down more than 10% to $0.000009068 at press time, losing about $500 million of its market cap in the last 24 hours, according to the data. On the other hand, BONE is down 16% to $1.28367 at the time of writing.
