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Market News

SHIB Team Clarifies Shibarium Issue Trend On X Was FUD

Amid the ongoing FUD around Shibarium, the team denies any bridge issue.

Written By:
Gopal Solanky

Last updated: August 17, 2023 1:23 PM
Published August 17, 2023 1:23 PM
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Last updated: August 17, 2023 1:23 PM
Published August 17, 2023 1:23 PM
SHIB Team Clarifies Shibarium Issue Trend On X Was FUD

The popular memecoin Shiba Inu is facing backlash from the crypto community with the critics citing funds are stuck in Shibarium bridge after hours of its mainnet launch. However, the team denies that ‘there is no bridge issue.’ 

https://t.co/mSnE6b9hMD

— Shytoshi Kusama™ (@ShytoshiKusama) August 17, 2023

Shytoshi Kusama, the Shiba Inu official shared a statement saying it’s all fud. It adds, “any screenshot you see of me saying any issue is false and your funds are safu.”

The statement further clarifies that, “Our technical difficulty is not an issue of Shibarium, but instead, from the MASSIVE influx of transactions and users that happened at the same time when we announced that Shibarium is live.”

In statement claims that the Shibarium team has allotted 400 Million compute units for a month. While on launch, it experienced 160+ Million compute units in nearly 30 minutes.

There were rumors being spread on X (Twitter) about a message from Shytoshi Kusama, “We F*&%ed up hard, we can’t recover the ETH bridged” causing a lot of panic among the SHIB community. 

https://twitter.com/KevinSvenson_/status/1691968330028990667

Later Shytoshi commented on the tweet in a calm manner claiming it to be only a FUD.  

There were 1000 ETH and 600,000 BONE deposited in Shibarium within 15 minutes of its launch. The team is overwhelmed by “ShibArmy’s” response to the launch as it says, “we never expected THIS much traffic, instantly.” 

“Give us time to scale with the amazing team at Unification and others, and then bring up our amazing chain once again so that we can start our journey towards perpetual decentralization,” said Shytoshi in the statement.

Also Read: 33B SHIB Shifted to Mystery Account Amid Ongoing Selling

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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Gopal Solanky - Crypto Research Analyst at The Crypto Times
By Gopal Solanky Sr. Crypto Journalist
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Gopal Solanky is a Research Analyst and Reporter with over 5 years of experience in DeFi, blockchain, crypto, IT, and financial markets. With a Bachelor's in Computer Applications, he brings a strong technical foundation to his analysis and reporting. Gopal focuses on breaking down complex topics for both seasoned investors and curious readers. His work has been referenced by publications like Business Insider and Vulture.com, highlighting his contributions to industry stories around topics like Huwak Tuah Memecoin and the FTX collapse.

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