The developers of Shibarium, a layer-2 blockchain designed for the Shiba Inu (SHIB) ecosystem, have released two statements on the ‘Shib.io Blog’ in response to the events of yesterday, August 17th.
One of the primary creators of the Shiba Inu Ecosystem and Shibarium, Shytoshi Kusama, has written a blog post titled “Shibarium: ALL IS WELL.” There are no bridge problems, Kusama writes, so don’t believe the screenshots showing him suggesting otherwise.
Put an end to the muck. Your money is safu [safe], and there is no bridge problem, despite any screenshots you may have seen of me claiming otherwise.
The developer also suggests that an excessive number of recent transactions contributed to the system’s failure. Kusama has said that they are “working tirelessly to scale” in order to restore Shibarium’s chain and bridges, but as of yet, no progress has been made.
On August 18, Kaal Dhairya wrote an article in which he claimed that most news organisations disseminate “fear, uncertainty, and doubt” (FUD) using fake screenshots that were “aligned with bot activity.” Dhairya reveals that they have reached out to several “powerful frens [friends]” for assistance.
Regarding the cause of the issue, it seems that Kaal agrees with Shytoshi that the network went “into fail-safe mode” due to an excessive amount of traffic in a single block. In exchange for assurances that their money is secure, he offers an update by August 19:
“To avoid any potential problems when Shibarium is turned back on, we have decided to “insure” the whole sum of $2,000,000 just in case.”
Recent attempts to ‘Initialise’ or ‘Grant Role’ on Shibarium’s contract (0xc38…75870) have failed, leaving over 1,010.61 ETH ($1.7 million at $1,686/eth at press time) stranded in limbo.
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