{"id":12872,"date":"2023-08-17T12:43:05","date_gmt":"2023-08-17T12:43:05","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12872"},"modified":"2023-08-17T12:43:06","modified_gmt":"2023-08-17T12:43:06","slug":"shibarium-launch-falters-2-5m-locked-in-bridged-funds-wiping-500m-from-shib-market-cap","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12872","title":{"rendered":"Shibarium launch falters, $2.5M locked in bridged funds wiping $500M from SHIB market cap"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>Shiba Inu&#8217;s highly anticipated layer2 network Shibarium mainnet launch started to a rocky start with the network recording stuck transactions and funds.<\/p>\n<p>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.<\/p>\n<p><em>CryptoSlate<\/em>, using data from Shibariumscan, can confirm that the last successful transaction on the network occurred four hours ago as of press time.<\/p>\n<p>Onchain sleuth ZachXBT shared a screenshot from Etherscan showing that an additional $762,000 worth of BONE tokens were stuck in the bridge contract.<\/p>\n<p>This means that about $2.5 million worth of digital assets are currently stuck on the network&#8217;s bridge contract.<\/p>\n<p>Meanwhile, the crypto community identified other issues ranging from the nonfunctional Remote Procedure Call to an &#8220;awful&#8221; block scanner, making it difficult for users to query their balance.<\/p>\n<p>The network&#8217;s flaws have attracted criticism, forcing ZachXBT to describe its launch as &#8220;sloppy.&#8221; Meanwhile, Beosin advised users to &#8220;temporarily stop using Shibarium.&#8221;<\/p>\n<h2>Opportunity for malicious actors?<\/h2>\n<p>Amid these issues, Shiba Inu&#8217;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.<\/p>\n<p>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 &#8220;mere incorporation of the term &#8220;Shibarium&#8221; or &#8220;Shib&#8221; in their names holds no credibility&#8221; and advised the community to prioritize research before investing in any project.<\/p>\n<p>&#8220;Prioritize research: delve into their Telegram and Discord channels, gauge the community&#8217;s atmosphere, scrutinize their social media posts, and check Etherscan.&#8221;<\/p>\n<h2>Shiba-related tokens falter<\/h2>\n<p>The issues with the Shibarium launch have massively impacted the price performance of Shiba Inu-related tokens, with BONE and SHIB among <em>CryptoSlate&#8217;s<\/em> top 10 losers of Aug. 17.<\/p>\n<p>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.<\/p>\n<p>The post Shibarium launch falters, $2.5M locked in bridged funds wiping $500M from SHIB market cap appeared first on CryptoSlate.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/shibarium-launch-falters-locks-2-5m-in-funds-prompting-shiba-inu-tokens-fall\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shiba Inu&#8217;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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-12872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12872"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12872\/revisions"}],"predecessor-version":[{"id":12874,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12872\/revisions\/12874"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12873"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}