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CoinMarketCap eliminates reportedly fake SHIB wormhole addresses

3 min reading

The SOL, BNB, and LUNA SHIB token addresses vanished from CoinMarketCap's page without a trace.

CoinMarketCap had deleted three listed Shiba Inu (SHIB) addresses from the Binance Smart Chain (BNB), Solana (SOL), and Terra (LUNA) blockchains, as per Twitter user @shibainuart.Currently only the ERC-20 (ETH) SHIB token is available on the website. About three weeks earlier, a major storm erupted on Twitter after Shiba Inu developers stated that "CoinMarketCap has knowingly listed three fake contract addresses for SHIB. Do not interact with these addresses as your funds will be irreversibly lost."

CoinMarketCap responds by saying that the addresses were wormhole addresses intended to expedite cross-chain transactions. The alert is still displayed on the SHIB token homepage on the site, even though the addresses have disappeared. The reasons for the elimination of the wormhole addresses have not been disclosed by CoinMarketCap.

In a community letter released on January 19, the Shiba Inu developers seem to have accepted this statement. However, they also emphasized the possible risk exposures of cross-chain bridges. According to Vitalik Buterin, co-founder of Ethereum, 51% strikes on a single small-cap chain in a network of 100 interconnected blockchains could create system-wide spread due to scalability. The biggest decentralized finance hack in history occurred last week on the cross-chain bridge Wormhole. On Solana, hackers forged $321 million in wrapped Ether, which they then sent to the Ethereum network for redemption.

Moreover, the developers asserted that CoinMarketCap acted unethically throughout their correspondence, such as their poor communication and use of "display of erroneous contracts," "incorrect social media links," "incorrect display of circulating supply," and so on, as justifications for maintaining the assertion that the agreements are "fake."





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