Shibarium, the much-anticipated crypto project, has hit a major snag right out of the gate. Just a day after its grand unveiling, reports have emerged of a staggering $1.8 million in crypto funds trapped in a pending state. This unexpected hiccup has sent ripples of concern throughout the crypto community.
The specifics of the issue are alarming. Transactions on the newly launched Shibarium are reportedly stuck, accounting for more than 1,003 ether (equivalent to $1.8 million) in locked funds. The blockchain security team, Beosin, has confirmed that these funds are indeed locked. As a precautionary measure, they’ve advised users to temporarily halt all activities on Shibarium.
Further amplifying concerns, data from Shibarium’s primary blockchain explorer indicates a standstill in activity. No new transactions have been confirmed for a staggering five hours. This stagnation is highly unusual for a new blockchain, especially one with the buzz and anticipation that surrounded Shibarium.
Adding fuel to the fire, a screenshot has been circulating on social media platforms. This screenshot, reportedly taken from an internal Telegram conversation (though its authenticity hasn’t been verified by The Block), seemingly shows a Shibarium developer stating, “We can’t recover the ETH bridged.” This revelation, if true, could have significant implications for the project and its users.
Notable blockchain investigator, ZachXBT, weighed in on the situation, stating that while it’s not confirmed if the RPC is dead, it’s undeniably a “sloppy launch.” At the time of writing, attempts to access the Shibarium RPC website have been unsuccessful, further deepening the mystery.
To make matters worse, users have reported being blocked from sending messages on the project’s Discord shortly after these issues came to light. This move, whether intentional or a glitch, has only added to the growing concerns and speculations.
The fallout from this rocky start is already evident in the market. The price of Shiba Inu, a token associated with Shibarium, has seen a decline of 9% in the past 24 hours. Other associated tokens, Bone and Leash, have also taken a hit, dropping by 13% and 25%, respectively.
It’s worth noting that Shibarium had its grand launch during the Blockchain Futurist Conference in Canada. What was supposed to be a triumphant debut has quickly turned into a cautionary tale.
