Shibarium Launches with Major Technical Problems, $1.7 Million Ethereum Stuck
The much-anticipated 2023 crypto project “Summer of Shibarium” is now online, with the mainnet finally launching yesterday. It is expected to speed up the Shiba Inu network and reduce transaction costs.
However, soon after the launch, the tables were turned when Shubarium experienced a serious technical malfunction. Users attempting to move Ethereum to the network encountered extreme difficulties, resulting in around $1.7 million in Ethereum becoming stranded on the bridge between platforms.
What Went Wrong?
The much-anticipated 2023 crypto project “Summer of Shibarium” is now online, with the mainnet finally launching yesterday. It is expected to speed up the Shiba Inu network and reduce transaction costs.
Aside from the Ethereum lockdown, the Shibarium network ran into issues. The entire Block was down for several hours, including the Shibarium Remote Control Protocol (RPC), which is one of the mainnet’s primary features. This resulted in a complete network shutdown, restricting users and severely limiting data recovery.
Colin Wu, a Chinese crypto journalist, disclosed the exact facts of the Ethereum lockdown by pointing out that over 965 ETH worth $1.7 million were trapped. Beosin, a platform that monitors crypto-related hazards, has also been launched, has also confirmed the news and instructed users to stop using the gateway.Due to rising reports of issues, DaVinci, a community member and server administrator, advised caution and suggested experimenting with tiny quantities. While Lucie, one of the executives, warns of a larger risk on the mainnet. Users were given advice on how to avoid phishing and fraud.
Bearish Sentiment Rises
This unexpected obstacle had a domino effect on the native coins Bone and Shib, which experienced a large decline shortly after their launch. BONE’s value has dropped by 16% in the last 24 hours, while SHIB’s has dropped by 6.43%. Not just the native token, but also other tokens, fell shortly after the problem occurred.
According to economist Michael Poppe, this downturn will not endure long. Shiba Inu has the ability to rise more than 45% from its recent low of $0.000009 to $0.00001300 levels, according to him. However, if SHIB can maintain its support levels, it will steadily rise. Despite the server outage, the Shib army remains strong, and the community is celebrating the debut.
Because the market is negative, the debut has raised various concerns. Investors are concerned about the intricacy of blockchain networks and the requirement for testing before proceeding. Shibarium’s future and tokens are in doubt as the community works through these difficulties.
