The Shibarium launch has brought chaos and confusion to the ecosystem. However, the team has shared an update and tried to reassure the community that their funds are safe.
Shibarium, a Layer 2 initiative from the Shiba Inu project, was one of the most highly anticipated launches in recent times. However, the launch has not gone as smoothly as it could have, putting the Shibarium team on the defensive.
Shibarium Team Shares Update About Scaling Operations
Shiba Inu team member, Kaal Dhairya, wrote that Shibarium paused and went into a fail-safe mode due to high traffic.
The Shibarium team, including the lead, Shytoshi Kusama, has denied reports about the broken bridge, saying they are FUD (fear, uncertainty and doubt). Since Thursday, some community members have claimed that over $1.7 million of Ethereum (ETH) is stuck in the Shibarium bridge.
Dhairya reassured users that the team is working to scale the operations and will continue sharing updates with the community. Finally, to ensure community confidence, the team announced insurance coverage of $2 million in the event that the project takes a negative turn after resuming Shibarium operations.
Meanwhile, Shiba Inu (SHIB) continues its decline amid the broader market correction. As of writing, it is trading at $0.00000844, down by around 7.17% in the past 24 hours.
Along with the Shibarium launch hiccup, the 10% Bitcoin (BTC) dump may also have contributed to the SHIB bearish price action. BeInCrypto reported that over $1 billion worth of total crypto trades have been liquidated in the past 24 hours.
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