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Shibarium Reopens in Private Mode Following Launch Fiasco

2 mins
Updated by Geraint Price
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In Brief

  • The Shibarium team is preparing to reopen the Layer 2 protocol with an additional fail-safe method after a controversial launch.
  • Shibarium's marketing strategist assures users that their funds are safe and the protocol is running smoothly in private mode.
  • The team denied reports of $1.7 million ETH stuck on the bridge, offering $2 million insurance for reassurance.
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After a bumpy launch, the Shibarium team plans to restart the Layer 2 protocol for the public with an additional fail-safe method.

The Shibarium launch turned controversial as the team was forced to pause the protocol due to high traffic. However, it would appear a solution to the problem has been found.

Shibarium Prepares for Restart

The screenshot below shows that Shibarium has restarted block production after halting it for over five days. However, the Layer 2 protocol is not open to the public yet.

Shibarium restarts block production. Source: Shibariumscan
Shibarium restarts block production. Source: Shibariumscan

On Thursday, Shibarium’s marketing strategist, Lucie, took to X (Twitter) to inform the community that the protocol is live again. Lucie assured users that their funds were safe and wrote:

“It’s officially live and running smoothly in private mode. The team just needs to make it public, and rest assured, all funds are safe!”

The development comes as a relief to Shibarium users after the sudden halt ignited panic in the community. As the protocol went into a fail-safe mode due to heavy traffic on Aug. 17, there were reports that over $1.7 million worth of Ethereum (ETH) was stuck on the Shibarium bridge.

Later, the Shibarium team denied the report and announced a $2 million insurance scheme to reassure the community that funds were safe.

Click here for a beginner-friendly guide to Shiba Inu.

Due to the turmoil, Shiba Inu’s (SHIB) price fell by over 20% on Aug. 17. As of writing, SHIB is trading at $0.00000817, down by 1.21% in the past 24 hours.

Shiba Inu (SHIB) price.
Shiba Inu (SHIB) price. Source: BeInCrypto

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...