SHIB accuses CoinMarketCap of listing ‘3 fake contract addresses’ that are ‘unsafe’

SHIB accuses CoinMarketCap of listing ‘3 fake contract addresses’ that are 'unsafe'
9 months ago
2 mins read

Shiba Inu’s official Twitter account issued a statement via the platform on January 14 addressing the listing of fake SHIB token contracts on CoinMarketCap.

The development team issued a formal notification on Twitter, alerting users of the existence of “3 fake contract addresses” for Shiba Inu (SHIB) listed on CoinMarketCap, a popular site used in the crypto market for checking volume, prices, and supply of coins.

Apparently, all three addresses, BEP20, Solana, and Terra, are invalid and should not be used in any way.  

“Please be aware that CoinMarketCap has knowingly listed 3 fake contract addresses for SHIB. None of these 3 addresses (BEP20, Solana, or Terra) are valid SHIB address and unsafe to use.”

CoinMarketCap’s stance on the matter

As per the tweet, CoinMarketCap refused to communicate with the official Shiba Inu team regarding the delisting of the contracts mentioned above, and they also “willingly allowed” scammers to “vandalize” the token’s listing on the tracker.

“CoinMarketCap has refused to communicate with the SHIB team on updates to the token page and willingly allowed malicious actors to vandalize our listing,” wrote the SHIB team.

The SHIB team added in a follow-up tweet:

“Reminder: Shiba Inu $SHIB is an ERC-20 Token Only! Please stay alert out there #ShibArmy.” 

However, CoinMarketCap did not remain silent; the tracker’s official account responded quickly as soon as the development was made public. The platform responded to both the official Shiba Inu account and the Shiba community. It stated that the listed contracts are wormhole addresses intended to facilitate cross-chain transactions of the wrapped form of the token.

Those addresses enable users from multiple EVM-compatible chains to interact with the token that was first distributed on the Ethereum blockchain.

“For the avoidance of doubt, the addresses are not malicious. There is precedent for us to publish the contract addresses for wrapped assets because it would ultimately streamline the user experience and facilitate cross-chain transactions,” tweeted CMC.

Since the reply, the official Shiba Inu Twitter account has not yet responded to CMC’s announcement; however its most recent tweet implied that all of the contracts on the list are “wrong.”

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.