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SHIB dev team says ‘funds are SAFU’ after failed Shibarium launch

SHIB dev team says 'funds are SAFU' after failed Shibarium launch

The team behind Shibarium — the layer-2 blockchain created for the Shiba Inu (SHIB) ecosystem — has already posted two communications on the ‘Shib.io Blog’ in order to address yesterday’s (August 17) events regarding the failed launch of Shibarium.

Shibarium: ALL IS WELL”, is the blog title for a post by Shytoshi Kusama, one of the leading developers behind the Shiba Inu Ecosystem and Shibarium. In the blog post, Kusama says that there are no bridge issues, and screenshots of him saying the opposite shouldn’t be trusted.

“Let’s deal with the fud. There is no bridge issue, any screenshot you see of me saying any issue is false and your funds are safu [safe].”

— Shytoshi Kusama

The developer also blames a massive influx of transactions, as what caused the network to go down. Shibarium is still down, and Kusama said they are “working tirelessly to scale” before they can restart the chain and the bridges.

“Funds are SAFU”?

Another recent post on August 18 by Kaal Dhairya also accuses most news outlets of spreading ‘fear, uncertainty and doubt’ (FUD) with fake screenshots, “aligned with bot activity”, in his words. Dhairya explains that they have called for help from “powerful frens [friends]”.

As for the root of the problem, Kaal seems to agree with Shytoshi, on the massive traffic in a single block, that made the network go “into fail-safe mode”. He promises an update for August 19, as long as also states that users’ funds are safe:

“We stand by the statement that the funds “paused” in the bridge are safu [safe] and as a result have chosen to “insure” the entire amount of $2 Million dollars in case there is any issue after Shibarium is restarted.”

— Kaal Dhairya

Funds are still locked in Shibarium’s bridge

However, there are still over 1,010.61 ETH ($1.7 million, at $1,686/eth by press time) from users locked in Shibarium’s contract (“0xc38…75870”), which most recent transactions: Initialize and ‘Grant Role’, have failed.

According to Etherscan, the first has failed due to: “an error encountered during contract execution [out of gas]”, and the second one due to “Fail with error ‘AccessControl: the sender must be an admin to grant’.”

A moderator in Shibarium’s Discord shared that “as a precautionary measure,” admins “have temporarily restricted access to certain channels due to the spread of misinformation and fake websites.” 

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