Reportedly, $1.7 million of ETH and $750,000 of BONE coins are stuck in bridge contracts amid a major glitch.
Shibarium has reportedly stopped further block production with some analysts advising not to use the network.
SHIB, the native cryptocurrency of the Shiba Inu blockchain, came under major selling pressure hours after its Ethereum Layer-2 scalability solution Shibarium went live. The major correction in the SHIB price came as the Shibarium network faced major bridge issues.
Blockchain security firm PeckShield reported that 956 ETH worth around $1.7 million was stuck on the Shibarium bridge. Additionally, $750,000 worth of BONE, Shibarium’s governance token, was also stuck on the bridge contract.
According to the memecoin analyst ‘Dzen’, there appears to be an issue with the RPC (remote procedure call) system. “Also it seems like the RPC is stuck at block 190015, and blockchain is stuck at block 190203 on the block scanner, that was 30 min ago,” noted Dzen.
Soon after the development, Shiba Inu’s native crypto SHIB came crashing down. The SHIB price has tanked by more than 8% in the last 24 hours and is currently trading at $0.000008984. At the same time, the BONE price crashed by more than 14% during the same time.
Also, IntoTheBlock’s data has unveiled a remarkable 200% increase in on-chain metrics for the BONE token. The volume of substantial token transactions surged from 3.5 million to an impressive 7.38 million BONE, resulting in a substantial value surge of $5.09 million.
Courtesy: IntoTheBlock
As the launch unfolds, the attention shifts to the wallets of prominent BONE holders. Particularly noteworthy is the substantial surge of activity seen in addresses containing at least 0.1% of the total supply. These addresses have encountered an impressive 210% rise in inflows during this significant period, accumulating a substantial influx of 6.64 million BONE tokens.
Shiba Inu Team Unable to Recover Bridge Assets?
Some of the initial reports suggest that the Shiba Inu developers are unable to recover the blocked assets in the bridge. Screenshots purportedly capturing an internal Telegram conversation among Shibarium developers suggest that the lead developer, Shytoshi, disclosed the team’s inability to retrieve assets that had been bridged to the Shibarium network.
An additional screenshot reportedly displayed a Shibarium user encountering a technical problem with the block scanner, expressing their inability to retrieve their bridged balance through the RPC.
Some reports also suggest that Shibarium has stopped block production any further. As per the Shibarium block explorer, the Ethereum-based layer-2 network Shibarium went live earlier today, but experienced block production halts. Although block production resumed a few hours ago, it ceased again after a brief period. The latest transaction on Shibarium occurred hours ago at 5:42 AM UTC on August 17.
The occurrence of issues on the Shibarium mainnet, similar to those observed on the Shibarium testnet after launch, has raised concerns within the crypto community regarding the blockchain’s security, safety, and scalability.
Blockchain security firm Beosin has advised users to temporarily halt their use of Shibarium due to approximately $1.7 million worth of ETH being stuck in the bridge. While the Shiba Inu team is actively addressing these concerns, discussions are circulating that the stuck ETH might not be recoverable, and the Shib Mainnet RPC is currently nonfunctional.
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