Shiba Inu and CoinMarketCap Settle Dispute over Wormhole Addresses
Shiba Inu developers and the CoinMarketCap team have reached an amicable settlement on the wormhole contracts dispute. The official Twitter page of the meme coin announced that discussions are ongoing between the parties. It also included a detailed statement on the incident.
A Background to the Story
Like we earlier reported, the Shiba Inu community had called attention to three contract addresses. It claimed that these addresses were fake while warning users not to send any funds to them.
But CoinMarketCap later clarified the situation. It pointed out that the addresses were wormhole bridges to enable cross-chain transactions. Thus, they were not malicious and would improve users’ experience.
In its official statement at the time, the Shiba Inu community accused the CoinMarketCap team of being unresponsive. Members of the community also claimed that the move created FUD that negatively affects SHIB price. Then, the ShibArmy alleged that CoinMarketCap is working against Shiba Inu.
Shiba Inu and CoinMarketCap Open Channel of Communication
However, the two teams are now communicating with each other. Shiba Inu’s response made it clear that discussions are ongoing to ensure the wormhole contracts are not from malicious sources.
Community Update — We are happy to announce, @CoinMarketCap has reached out to our developer team and is in current discussions in regards to our most recent incident correlating to Wormhole contracts.
Please read our response.. pic.twitter.com/OBckJYNVkH
— Shib (@Shibtoken) January 19, 2022
Furthermore, the dev team recognized the importance of cross-chain interoperability. But pointed out that there are risks and security vulnerabilities for these bridges. However, it believes this shouldn’t stop cross-chain innovation.
The statement also reiterates the general concerns among community members on CoinMarketCap actions. Shiba Inu, which prides itself on decentralization, pointed out that CoinMarketCap centralized the decision to include wormhole addresses.
It criticized the low level of transparency and willingness of the CoinMarketCap team to work with Shiba Inu initially. Pointing out that initial responses from the website were limited or nonexistent. As one of the most visited crypto sites, information on CoinMarketCap holds a lot of sway in the market.
Shiba Inu Drops by 2% in 24 Hours
Despite the news, the Shiba Inu token continues to drop in value. The meme coin has lost almost 2% of its value in the past 24 hours and currently trades at $0.00002755.
This is a far cry from its ATH of $0.00008, but it remains 13th on the top crypto list. Shiba Inu, which describes itself as a Dogecoin killer, has been on the downslope for the past 30 days losing over 10% of its value.