Shiba Inu (SHIB) Devs Begin to Fix Recent Issue of ‘Wormhole’ Addresses’; Here’s All You Need to Know

By Parasshuram Shalgar
January 19, 2022 Updated January 19, 2022
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Shiba Inu Devs Begins Cooperating With CoinMarketCap Related To 'Wormhole' Addresses

CoinMarketCap has started to partner with the Shiba Inu team to fix recent issues related to “wormhole” addresses. CoinMarketCap has earlier listed three wormholes Shibu Inu contract addresses on their official platform in a recent update.

However, the Shiba Inu community mistook the addresses as being malicious, confusing. The company later clarified that the contract addresses are not malicious and are Wormhole addresses for SHIB that facilitate cross-chain transactions.

In a Twitter message, CoinMarketCap clarified that the non-ETH contact addresses on this page @shibtoken are wormhole addresses, which are designed to facilitate cross-chain transactions of wrapped versions of this asset.  

The Confusion

The confusion started when the official Shib account tweeted an official statement about the CoinMarketCap addresses and said that they were unsafe to use.

The official Shibu Inu Twitter account later clarified an update on the recent CoinMarketCap incident. SHIB said that the top cryptocurrency ranking website has already reached out to the coin’s developers to solve current issues related to “wormhole” addresses.

Earlier, the Shibu Inu community had warned that three fake smart contracts on three “Ethereum killers” (Binance Smart Chain, Terra, and Solana) are displayed on the “front page of crypto.” The teal also clarified that any non-Ethereum address is, in fact, invalid since SHIB is an ERC-20 token. Tokens sent to addresses on other chains would end up being lost forever.

CoinMarketCap clarifies

After this development, CoinMarketCap issued a quick clarification and said that these three addresses are wormhole bridges for cross-chain transactions with wrapped versions of the token. Hence, the addresses in question are not malicious, and they are meant to improve the user experience.

The Shibu Inu team though agreeing to the benefits of interoperability, said that there are practical problems “fundamental limits” to the level of security provided by such bridges. 

In addition, the Shibu Inu community was critical of CoinMarketCap actions for making decisions about the token in a “centralized” manner. It, however, did not repeat its accusation of listing fake intelligent contract addresses. It had also accused the company of erroneously displaying the cryptocurrency’s circulating supply.

Parasshuram has been online in various capacities as a pro-blogger, top researcher, and now a senior editor at CoinGape.com. He has over 14 years of experience in the field of online publishing. Mr Shalgar can be reached at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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