CryptoMediaClub
Sunday, July 6, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Blockchain

Shibarium denies bridge issues, calls it FUD

18.08.2023
A A
0
123
VIEWS
ShareShare

The team behind the newly released Shibarium mainnet has denied reports of bridge problems and asset losses, saying screenshots floating around the crypto community are false.

In a blog post on Aug. 17, Shytoshi Kusama, co-founder of the Shiba Inu ecosystem, blamed a massive influx of transactions and users activity for causing technical difficulties in Shibarium, an Ethereum layer-2 scaling blockchain launched hours earlier.

Sharing data from Alchemy, Kusama said the project has allotted 400 million compute units per month, but experienced 160 million compute units in nearly 30 minutes after Shibarium's launch. "Although we expected a very busy moment, we never expected this much traffic, instantly," he said, adding that:

"Our team has been working tirelessly to scale (even though validators were already on autoscale when we made the announcement) and bring up the chain again to an extent that we can handle the influx of our decentralized nation state."

Shibarium's compute units consume. Source: Alchemy/Shibarium.

First concerns about Shibarium surfaced in the crypto community after screenshots reportedly captured an internal Telegram conversation between Shibarium developers, indicating the team was allegedly unable to recover assets bridged to the Shibarium network.

In case yall were wondering how Shibarium is going pic.twitter.com/S5vjTxoMDk

— ʎppɐꓷ ɯooɹɥS (@shroom_daddy) August 16, 2023

Contributing to the investigation, blockchain sleuth ZachXBT explained that while he was unable to confirm whether the assets had been lost, the RPC – the node that runs key blockchain client software – was compromised. At the time of writing, the Shibarium RPC website remains down.

"Give us time to scale […] and then bring up our amazing chain once again," Kusama asked in the blog post, dismissing the rumors as FUD, an acronym for “fear, uncertainty, and doubt.”

Shibarium relies on a new consensus mechanism called proof-of-participation (PoP), in which validators are selected based on their cryptocurrency holdings. It is designed to interact with the primary Ethereum layer-1 blockchain, seeking to offer more efficient and scalable transactions. Its mainnet was released after months of testing involving millions of users and 21 million wallets created.

Magazine: Deposit risk: What do crypto exchanges really do with your money?

Share9Tweet6ShareSharePin2

Related Posts

Tether USDT: Massive 1 Billion Minting Sparks Crucial Market Shift
Blockchain

Tether USDT: Massive 1 Billion Minting Sparks Crucial Market Shift

04.07.2025
0

Skip to content

Read moreDetails
Hancom With Pioneers RWA Space with Gold-Backed Stablecoin

Hancom With Pioneers RWA Space with Gold-Backed Stablecoin

03.07.2025
Stablecoin Revenue Soars: Companies Post Massive $10 Billion Annual Earnings

Stablecoin Revenue Soars: Companies Post Massive $10 Billion Annual Earnings

03.07.2025
Kazakhstan Crypto Reserve: Unlocking a Bold Future for National Digital Assets

Kazakhstan Crypto Reserve: Unlocking a Bold Future for National Digital Assets

30.06.2025
Web3 Security: GoPlus Unveils Crucial Clarification on Venus Protocol $2M Theft

Web3 Security: GoPlus Unveils Crucial Clarification on Venus Protocol $2M Theft

25.06.2025
Load More
Next Post
Wall Street Faces Downturn Amidst Inflation and Fed Divisions: Bitcoin World Report

Wall Street Faces Downturn Amidst Inflation and Fed Divisions: Bitcoin World Report

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

SEC Sues Former Goldman Sachs Analyst for Insider Trading

2 years ago
BlackRock CEO Talks About Bitcoin! Will Spot ETF Be Approved?

BlackRock CEO Talks About Bitcoin! Will Spot ETF Be Approved?

2 years ago
SEC delays decision on 5 spot Bitcoin ETF applications

SEC delays decision on 5 spot Bitcoin ETF applications

2 years ago
Revolutionary Web3 Bid: Alexis Ohanian Eyes TikTok Acquisition for Blockchain Integration

Revolutionary Web3 Bid: Alexis Ohanian Eyes TikTok Acquisition for Blockchain Integration

4 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

XRP Price Prediction: Despite Recent Slip, Ripple’s Institutional Push Targets $10 – What to Watch

Ethereum Price Prediction: ETH Gains 4% This Week, Yet Golden Cross Flops – Is $3,000 Out of Reach?

Glassnode’s James Check Warns Bitcoin Treasury Boom Could Be Short-Lived

Crypto Traders on Alert as Sweden Expands Law to Seize Digital Assets

Sanctioned Russian Giant Rostec Bypasses Banks with Tron-Based RUBx Stablecoin

Crypto Price Prediction Today 4 July – XRP, Shiba Inu, Pepe

Trending

Bitcoin Price Prediction: Whispers of Satoshi After 80,000 BTC Move – Market Sentiment Shift?
All news

Bitcoin Price Prediction: Whispers of Satoshi After 80,000 BTC Move – Market Sentiment Shift?

06.07.2025
0

Bitcoin slipped to $108,035 following the unexpected movement of over 80,000 BTC, which had been inactive since...

Abstract and K-Pop Agency Modhaus Partner to Give Fans a ‘Real Seat at the Table’

Abstract and K-Pop Agency Modhaus Partner to Give Fans a ‘Real Seat at the Table’

06.07.2025
$8.6B Bitcoin Move Sparks Fears of Massive Hack: Coinbase’s Conor Grogan

$8.6B Bitcoin Move Sparks Fears of Massive Hack: Coinbase’s Conor Grogan

05.07.2025
XRP Price Prediction: Despite Recent Slip, Ripple’s Institutional Push Targets $10 – What to Watch

XRP Price Prediction: Despite Recent Slip, Ripple’s Institutional Push Targets $10 – What to Watch

05.07.2025
Ethereum Price Prediction: ETH Gains 4% This Week, Yet Golden Cross Flops – Is $3,000 Out of Reach?

Ethereum Price Prediction: ETH Gains 4% This Week, Yet Golden Cross Flops – Is $3,000 Out of Reach?

05.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz