Shibarium Suspends Operations, Calls in Support from Powerful Frens

Shibarium Suspends Operations, Calls in Support from Powerful Frens

Regarding the recent concerns about Shibarium, Kusama underlines in a recent blog post that the team went through a thorough investigation to determine the exact location of the problem. Within a single block, they found an unusually high number of contract creations and typical transactions. Shibarium activated its fail-safe mode at this point and halted operations to protect the funds. Although this is the current problem, Kusama focused on the solution. 

He said, “Knowing the issue, we called in the support of some powerful frens to help, alongside our Shibarium devs and the Unification team who have spent tireless hours working to scale our beloved blockchain. We have identified multiple possible plans of action, and will keep you updated as we execute to bring up the blockchain.”

Related Reading: Shiba Inu Lead Developer Addresses Concerns About Shibarium, Dismisses FUD

Effect on Shiba Inu Ecosystem

This sparked more rumors in the community, with many people speculating about the names of these powerful allies. However, the Shiba Inu creator stated that they would be made public. Kusama further pointed out that the network continues to safeguard the security of the monies that were momentarily halted on the bridge. As a result, they have made the decision to firmly cover the $2 million sum as insurance. This is in case there are any issues following the reactivation of Shibarium.

The value of SHIB, however, kept declining even after Kusama and other developers addressed and allayed the false worries. The meme coin was down 12.50% on the day as of the time of publication, trading at $0.000008116. Shiba Inu stood out as one of the most notable underperformers, it should be noted. BONE also made a same decline, reaching a low of $1.13. Over the previous 24 hours, the asset is down by 8.14%. 

Shiba Inu is down 8.14% in the last 24 hours. Source: CoinMarketCap

Read Also: Shiba Inu: Bad Idea AI Suffers 40% Crash Alongside Shibarium’s Launch in Shiba Inu’s Ecosystem

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