Shiba Inu and CoinMarketCap team up to solve “wormhole” addresses issue

  • The Shiba Inu team and community have clashed with CoinMarketCap over a recent “wormhole” address listing.
  • The two are now working together to resolve the issue and restore order to the meme token’s community. 

A recent saga on “wormhole” smart contract addresses has brought confusion and disorder within the Shiba Inu (SHIB) community. However, Shiba Inu developers and top crypto price-tracking company CoinMarketCap have now partnered to resolve the chaos and bring clarity to the community. 

The chain of events began just recently when CoinMarketCap listed three wormhole Shiba Inu contract addresses on its official website. An update reads:

“Please note that the non-ETH contract addresses on this page are wormhole addresses, which are designed to facilitate cross-chain transactions of wrapped versions of this asset.”

About these, the official Shib Twitter account noted in an official statement that the addresses were “erroneous” and unsafe to use. Additionally, the Shiba Inu community warned that the ‘fake’ addresses belonged to the networks Binance Smart Chain (BSC), Terra, and Solana and were therefore invalid since SHIB is an ERC-20 token. Sending or purchasing SHIB tokens from any of the three addresses would result in funds being “irreversibly lost.” With that, the Shiba Inu community marked the addresses as malicious. 

Mayhem over Shiba Inu “wormhole” addresses

The team also expressed disappointment in the firm for its unprofessionalism and lack of integrity, saying:

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

However, shortly afterward, CoinMarketCap came out to clarify that the addresses were not ill-natured as presumed. Rather, they were wormhole bridges designed to support cross-chain transactions of wrapped versions of the SHIB token, and therefore improve user experience. The official Shiba Inu Twitter account was to later come out and clarify that CoinMarketCap had reached out to its developers to solve issues surrounding the wormhole addresses. Part of its statement reads:

We are happy to announce, CoinMarketCap has reached out to our developer team and is in current discussion in regards to this, our most recent incident correlating to Wormhole contracts, to verify that they are not from any malicious sources.

Case resolution

And while agreeing to the benefits of interoperability, the meme token’s team said such bridges had certain practical problems or “fundamental limits.” Moreover, the SHIB community reproached the crypto ranking website for “centralized” decision-making in matters regarding the token. While it did not reiterate previous accusations of ‘fake’ contract addresses, the community has accused the company of displaying misleading values of the token’s circulating supply.

At press time, SHIB was trading at $0.00002776, down 0.6 percent in the day.

Related: Shiba Inu team raises concern of scam; community warned not to share private keys

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