The Shiba Inu Twitter account has provided an update on the recent CoinMarketCap incident, saying that the top cryptocurrency ranking website has already contacted the coin’s developers in order to solve the issues related to “wormhole” addresses.
Recently, Ethereum Shiba Inu called out a fake smart contract for a “Ethereum Killer” on Binance, Terra, and Solana. The fake smart contract on Binance, Terra, and Solana can be found on the front page of crypto.
The team has clarified that if you send a token to an invalid address (or a regular ETH address for that matter), the transaction will be permanently lost and you’ll never be able to get that token back.
A day later, CoinMarketCap swiftly issued a statement clarifying that these are in fact wormhole bridges for cross-chain transactions with wrapped versions of the token. These addresses are not malicious, and they are actually meant to improve the user experience.
The Shiba Inu team recognizes the importance of interoperability, but it claims there are fundamental limits to the level of security provided by such bridges.
Echoing concerns that have been voiced by the community, developers have criticized CoinMarketCap for making decisions about the token in a centralized manner, while backtracking on their accusation of listing fake smart contract addresses.
And as the community behind the canine token continues to take aim at CoinMarketCap for incorrectly displaying the cryptocurrency’s circulating supply, many have argued that the blockchain-based platform should be held accountable for the information it publishes.
CoinMarketCap has become the most visited cryptocurrency-related website since last month. The company was acquired by crypto exchange Binance in early 2020.
In the last half of the year, Shiba Inu became one of the most-viewed cryptocurrencies on CoinMarketCap.
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