Statement from Popular Memecoin Developers: ‘Withdrawals Restarted!’

Layer 2 blockchain Shibarium, developed by the creators of the Shiba Inu memecoin, has reopened its bridge for withdrawals, allowing users to transfer tokens to Ethereum.

Shibarium Team Announces The Start of Withdrawals After Network Outage

This move comes after both the Shibarium mainnet and the bridge were recently temporarily suspended due to scalability issues.

The Shibarium mainnet, which was first launched on August 16, was quickly paused due to the heavy flow of transactions, causing concerns within the community and locking access to significant user funds.

However, the team had assured users that they would regain access to the funds once the mainnet was back up and running.

During the suspension period, Shibarium users experienced uncertainty as they were unable to withdraw their holdings.

In the announcement, the Shibarium team confirmed that both mainnet and bridge withdrawals are now fully operational, addressing concerns raised by the temporary pause.

Users can now proceed with withdrawals for various assets including Ethereum, Shib and Leash. It can also make withdrawals for the native Bone token. However, as foreseen in the design of the network, the process can take up to 7 days.

The reopening of bridge and mainnet withdrawals is an important step for Shibarium by facilitating seamless token transfers to the Ethereum network, allowing users full control over their assets.

*Not investment advice.