CoinMarketCap removes allegedly fake SHIB wormhole addresses

Share This Post

The SOL, BNB, and LUNA SHIB token addresses quietly disappeared from CoinMarketCap’s page.

Late Wednesday, Twitter user @shibainuart reported that CoinMarketCap had removed three listed Shiba Inu (SHIB) addresses on the Binance Smart Chain (BNB), Solana (SOL), and Terra (LUNA) blockchains. Only the ERC-20 (ETH) SHIB token is visible on the site at the time of publication. A massive firestorm brewed on Twitter about three weeks prior after Shiba Inu developers alleged that “CoinMarketCap has knowingly listed three fake contract addresses for SHIB. Do not interact with these addresses as your funds will be irreversibly lost.”

In response, CoinMarketCap stated that the addresses were wormhole addresses designed to facilitate cross-chain transactions. While the addresses are gone, the warning can still be seen on the SHIB token main page on the site. CoinMarketCap has not issued a statement as to the reasons behind the removal of the wormhole addresses.

The Shiba Inu developers appear to have acknowledged this explanation in a community letter published on Jan. 19. However, they also cited the potential risk vulnerabilities of cross-chain bridges. Last month, Ethereum co-founder Vitalik Buterin explained, due to scaling, 51% attacks on one single small-cap chain in a network of one hundred of interoperated blockchains could cause a system-wide contagion. Last week, the biggest decentralized finance hack took place on cross-chain bridge Wormhole. Hackers fraudulently minted $321 million worth of wrapped Ether on Solana and transferred them onto the Ethereum network for redemption. 

In addition, the developers that CoinMarketCap behaved during correspondence, including lack of communication, “display of erroneous contracts,” “incorrect social media links,” “incorrect display of circulating supply,” etc., as reasons for standing by the claim that the contracts are “fake.”

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Farm, Craft, and Thrive in My Neighbor Alice

Follow Regina in her journey down the rabbit hole that is My Neighbor Alice Will she find a wonderful land, or will it be a bore Read on to find out Last episode’s quick recap I’m still

Vitalik Buterin lays down roadmap to minimize centralization risk in Ethereum POS design

Ethereum co-founder Vitalik Buterin believes that the centralization of proof-of-stake (POS) poses a significant threat to Ethereum POS centralization is where large stakers dominate and small

Dogecoin Breaks Above $0.12 Level – Time For DOGE To Catch Up?

Dogecoin (DOGE) has finally broken through the crucial $012 resistance level, marking a significant milestone as it surges to catch up with the broader crypto market rally After weeks of struggling

Bitcoin’s Market Dominance Soars To 3-Year High – Is This The End Of Altcoin Season?

Bitcoin and many other cryptocurrencies have been on significant price increases in the past few weeks Bitcoin, in particular, has been inching close to its all-time high, and the recent break above

Bitcoin ETF Holdings Push Steadily Toward the 1 Million BTC Threshold

Following Friday’s spot bitcoin exchange-traded fund (ETF) activity, the numbers reveal that the 12 ETFs are on the brink of reaching the impressive milestone of 1 million bitcoins As of this

Julian Assange thinks blockchain has a higher purpose than Bitcoin

The following is a guest post by Kadan Stadelmann, CTO of Komodo Blockchain Although Julian Assange was released from prison in June, his first appearance did not happen until the beginning of the