Finance

What is happening between SHIBA INU and Coinmarketcap?

01/19/2022
Bitcoin Ethereum News

TL;DR Breakdown:

  • Coinmarketcap and Shiba Inu developers are in talks to resolve the recent issue regarding wormhole contracts.
  • Shiba Inu had accused the crypto tracker of listing fake smart contract addresses for SHIB.
  • The tracking platform explained that the addresses were wormhole contracts and not malicious. 

Last week, the development team behind Shiba Inu got in an argument with Coinmarketcap somewhat. The incident emanated as the warning raised by the Shiba Inu community regarding the three supposedly fake smart contract addresses listed on the front page dedicated for SHIB on the cryptocurrency ranking website. 

What is happening between SHIBA INU and Coinmarketcap? 1

The development team behind the meme cryptocurrency argued that three additional addresses (from Binance Smart Chain, Terra, and Solana) were fake and invalid. According to them, Shiba Inu was developed as an ERC-20, and so, only its Ethereum smart contract address is valid. 

Not only did the team argue that the addresses were unsafe, but they also blamed the Coinmarketcap team for willingly allowing bad actors to “vandalize” the token’s listing.

Just “wormhole” addresses

In response to Shiba Inu developers, Coinmarketcap said the non-ETH smart contract addresses on the SHIB page “are wormhole addresses, which are designed to facilitate cross-chain transactions of wrapped versions of this asset.” It turned out that the non-ETH addresses were for wrapped versions of SHIB on the respective blockchains. 

“The addresses are not malicious,” Coimarketcap wrote, explaining that the reason for listing the additional addresses was to ultimately streamline the user experience and facilitate cross-chain transactions. Shiba Inu’s team understood the reason for the addresses but blamed Coinmarketcap for making such changes without any prior notice. 

The addresses may not be malicious, but the SHIB team wants the community to only interact with the ETH addresses, as the level of security on the non-ETH addresses could be limited. 

Shiba Inu devs teams with Coinmarketcap

Meanwhile, both parties are now collaborating to resolve the issue, according to the latest update from SHIB team. The addresses were still available on Coinmarketcap during the time of writing.