In his recent blog post, Shytoshi Kusama (lead developer of Shiba Inu) has emphasized that the team undertook a thorough examination to precisely identify the problem’s location. They discovered an unusually high number of contract creations and standard transactions all confined within a single block. At this point, Shibarium enacted its fail-safe mode, pausing operations to ensure the safety of funds. While addressing the current issue, Kusama also outlined the path ahead. Kusama included the following statement:
“Given our understanding of the issue, we reached out to influential collaborators for assistance, in addition to our Shibarium developers and the dedicated Unification team, who have invested countless hours into enhancing our cherished blockchain’s scalability. We’ve identified various potential courses of action and will keep you informed as we implement these steps to restore the functionality of the blockchain.” This announcement sparked more speculation within the community, with numerous individuals theorizing about the identities of these influential partners. However, the Shiba Inu developer assured that these partners will be disclosed in due course.
Furthermore, Kusama underscored that the network firmly maintains the assurance that the temporarily suspended funds on the bridge remain secure. As a precautionary measure, they have taken the initiative to fully insure the entire amount of $2 million. This safeguard is intended to cover any potential complications that may arise once Shibarium is reinstated.
Shiba Inu’s Value Takes a 12.49% Hit
However, despite Kusama and other developers addressing and refuting the baseless worries, the value of SHIB kept falling. As of the current moment, the meme coin was being traded at $0.000008116, showcasing a decrease of 12.50% during the day. It’s worth mentioning that Shiba Inu emerged as one of the most prominent laggards. In a similar vein, BONE also followed the trend and declined to a low of $1.13. This particular asset had experienced a dip of 13.97% over the past 24 hours.