The recent launch of Shibarium, a Layer 2 initiative linked to the Shiba Inu project, has garnered significant attention in the crypto ecosystem.
However, the launch did not proceed without challenges, leading to concerns among the community. In an effort to address these issues and restore confidence, the Shibarium team has shared an update regarding the situation.
The highly anticipated launch of Shibarium was met with excitement and anticipation, but it quickly encountered technical difficulties that resulted in chaos and confusion.
High levels of traffic caused the platform to pause and enter a fail-safe mode. This unexpected setback prompted the Shibarium team to take action in order to address the issues and ensure the safety of users’ funds.
Kaal Dhairya, a key member of the Shiba Inu team, provided insight into the situation, explaining the reasons behind the pause in operations.
The team acknowledged the challenges posed by the influx of users and pledged to resolve the issues promptly.
Additionally, the team, led by Shytoshi Kusama, dismissed claims of a broken bridge as FUD (fear, uncertainty, and doubt), seeking to dispel any unfounded concerns within the community.
Amid the confusion, some community members raised concerns about Ethereum (ETH) funds being stuck in the Shibarium bridge.
These reports indicated that over $1.7 million worth of ETH was affected. The team’s response to these claims remains integral to rebuilding trust and providing clarity to affected users.
The challenges faced by the Shibarium launch coincided with broader market corrections, including a 10% drop in Bitcoin (BTC) prices.
These factors may have contributed to the bearish price action of Shiba Inu (SHIB), which experienced a decline of approximately 7.17% in the past 24 hours.
The interconnected nature of the crypto market underscores the importance of resolving technical issues promptly to mitigate potential negative effects.