[ccpw id="39382"]

HomeCrypto NewsMarketShibarium Back Online As Shiba Inu Team Identifies Issues, Insures User Funds Worth $2M

Shibarium Back Online As Shiba Inu Team Identifies Issues, Insures User Funds Worth $2M


Written By:

A top Shiba Inu developer shares the first update on Shibarium scaling, as he reveals that the team plans to secure users’ funds are paused in the bridge.

- Advertisement -

Shiba Inu’s top developer Kaal Dhairya has shared the first update on Shibarium scaling. The prominent developer shared the update in a blog post today.

Shibarium Team Invites Other Devs After Identifying Issue

According to Dhairya, Shibarium – a fork of the Ethereum L2 scaling solution Polygon – went into a fail-safe mode due to millions of compute units of traffic recorded in minutes.

He noted that the Shibarium development team has investigated and identified where the issues occurred. In one block alone, the team found thousands of contracts and normal transactions created by users.

- Advertisement -

After unraveling the issue, Shiba Inu invited some top blockchain developers to help, alongside Shibarium devs and the Unification team. Dhairya promised to disclose the identities of these “friends,” helping to scale the system.

Shiba Inu Dev Addresses FUD

Furthermore, Dhairya addressed the FUD spread by illicit actors concerning the project. Part of this FUD campaign included a fake screenshot of Shiba Inu’s lead developer Shytoshi Kusama admitting that users’ funds were lost and irrecoverable.

Commenting on the development, Dhairya said the fake screenshot caused incredible damage to the team. He expressed surprise that top media outlets would consider the fake post.

However, Dhairya said he is assessing the damage of the FUD and will call on the team behind X (formerly Twitter) to identify the culprit for justice to prevail.

- Advertisement -

“Such attacks upon our system by bad actors will not be tolerated,” he added.

Funds Are Safe, Team to Insure Paused Crypto

Dhairya reiterated that users’ funds paused in the Shibarium Bridge are safe. He added that the Shiba Inu team would insure the total funds paused in the bridge, worth $2 million.

This would help to compensate users in the event of any uncertainty after Shibarium restarts. Meanwhile, the top Shiba Inu developer promised to share another update on Shibarium scaling tomorrow.

Kusama Says Shibarium Has No Issue

The issues investors face on Shibarium have continued to be a major topic of discussion. Recall that investors were panicked due to their inability to access the bridge funds on Shibarium. 

Notably, Kusama dismissed claims that Shibarium Bridge has an issue. The lead developer stated that the technical issues originated from a large influx of users and not from Shibarium itself. 

He backed this claim by sharing a stat on Shibarium activities within the first few hours of its launch. According to Kusama, over 160 million compute units were recorded in just 30 minutes. 

This surpassed the team’s expectations, as it only secured 400 million per month from Alchemy. Shibarium users deposited 1000 ETHs and 600,000 BONE tokens within 15 minutes. 

Meanwhile, Kusama urged the community to exercise patience and allow the team to scale the system to get Shibarium running again. 

Shibarium Back Online

While after some drawbacks, Shibarium is back online and has resumed block production at the time of reporting.


Follow Us on Twitter and Facebook.

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.



Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

More from Author