Search Inside Bitcoins

CoinMarketCap removes three controversial SHIB addresses

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.


Join Our Telegram channel to stay up to date on breaking news coverage

Reports on Twitter stated that CoinMarketCap had removed three Shib Inu wallet addresses. The three addresses were for Binance Smart Chain (BSC), Solana (SOL) and Terra (LUNA).

CoinMarketCap has only retained the ERC-20 contract address, and at the time of writing, this was the only address available for SHIB at the site.

CoinMarketCap bows to Twitter pressure

Three weeks before CoinMarketCap took down three addresses, the crypto community on Twitter accused the price-tracking platform that it had “knowingly listed three fake contract addresses for SHIB. The Shiba Inu developers also issued a warning saying, “Do not interact with these three addresses as your funds will be irreversibly lost.”

At the time, CoinMarketCap responded to the developers saying that the three addresses were wormhole addresses. They facilitate transactions across different blockchains. CoinMarketCap has not issued a statement on the removal of the three addresses. A warning on the SHIB token page on the platform is also still visible.

While the Shiba Inu developers seem to have acknowledged the CoinMarketCap response about the three addresses, the developers noted that they were not pleased by how the price tracking platform had handled the matter.

The developers said they were standing with their original claim that these addresses were “fake” due to a lack of communication from CoinMarketCap. The developers also accused the platform of the “display of erroneous contracts”, “incorrect social media links”, and “incorrect display of circulating supply”, etc.

Risk with cross-chain bridges

In a letter published on January 19, the Shiba Inu developers highlighted the risk of vulnerabilities on cross-chain platforms. Ethereum’s co-founder, Vitalik Buterin, has also highlighted the dangers of cross-chain. Last month, he explained that a 51% attack on one small-cap blockchain in a network of many interoperable blockchains could have devastating effects on the entire system.

Earlier this month, the second-largest decentralized finance hack happened on the Wormhole bridge connecting the Ethereum and Solana blockchains. Hackers managed to steal $321 million worth of wrapped Ethereum from the Solana side of the bridge and transferred them into the Ethereum network before redeeming them.

Your capital is at risk.

Read more:

Join Our Telegram channel to stay up to date on breaking news coverage

Read next