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HomeCrypto NewsMarketShiba Inu Team Assures No Issue with Shibarium Amid Escalating FUD

Shiba Inu Team Assures No Issue with Shibarium Amid Escalating FUD

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Shiba Inu marketing team member Lucie has assured that the developers are working on resolving issues faced by investors, with Kusama noting the setback did not come from Shibarium.

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Amid concerns emanating from the issues faced by investors, Lucie, a Shiba Inu marketing team member, has assured the community that the developers are working on the hurdle.

Shiba Inu lead Shytoshi Kusama also addressed the issue, noting that it came from a massive influx of users and not a problem with Shibarium.

Lucie emphasized the Shiba Inu team’s commitment to resolving the issue. She dismissed a fraudulent screenshot of Shytoshi Kusama’s alleged admission of guilt and affirmed that the developers were actively working on a solution.

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Heated Discordย 

Lucie’s disclosure came on the back of a heated argument with individuals she believes are looking to FUD the Shibarium project. She took to X toย addressย the spread of manipulated images and misinformation surrounding the bridge issue.ย 

Lucie emphasized the importance of accuracy and honesty, warning that spreading such false content could lead to legal consequences.ย 

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Her message was directed towards individuals who had shared screenshots depicting the Shiba Inu lead developer, Shytoshi Kusama, admitting to mistakes with Shibarium and saying the funds are irrecoverable. Lucie vehemently noted that the screenshot was fake.

Further discord unfolded on the Shibarium Discord server, with Lucie suggesting that certain users were buying BONE tokens to continue spreading FUD in the server. She suggested raising the entry threshold to deter unwanted engagement.ย 

On-chain Experts Chime In

Amidst the controversy, CryptoLeadDev, a respected software engineer and blockchain developer, shared insights on Twitter regarding the issue. According to him, the setback is not a big issue.

Based on his experience, he explained that many bridges have a safeguard mechanism called a “vault,” which allows developers to manually access and move tokens in case of complications.ย 

Citing this mechanism, he expressed optimism that the developers could resolve the situation with manual intervention. This would only be necessary if the issue came from the bridge’s contract.ย 

In addition, a pseudonymous investor, Hopium Collector, joined the conversation on Discord, revealing that the Shibarium bridge contract was upgradeable.ย 

Shibarium Discord Server
Shibarium Discord Server

This observation aimed to reassure the community that the technical glitch could be addressed through upgrades. An investigation by The Crypto Basic showed that the smart contract was indeed upgradeable.

Shibarium Bridge Contract
Etherscan

An upgradeable contract allows developers to modify the contract’s functionality to fix issues without disrupting its main operations. This implies that, if there’s an issue with the bridge, the developers could fix it by simply deploying an upgraded contract.

No Issue with Shibarium

Amid these inputs, Shytoshi Kusama recently commented on the development, noting that the issue was not from Shibarium nor the Shibarium bridge.

The developer emphasized that the problem emanated from a massive influx of users, stressing that the team did not anticipate this level of adoption. Kusama noted that they are currently trying to scale the system.

Recall that the recent issue came to the limelight earlier today amid escalating reports. The Crypto Basic confirmed that up to $1.7 million worth of ETH remained stuck in the contract. This figure has so far increased to $1.8 million.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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