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CoinMarketCap partners with Shiba Inu

 


CoinMarketCap has apparently self-published smart contract addresses for Shiba Inu that are not based on Ethereum at all. Now the company is working with the Shiba Inu developers to fix the bug.


The official Shiba Inu Twitter account has posted an update on the recent incident at CoinMarketCap. The cryptocurrency ranking site is now working with the SHIB developers following a recent issue related to wormhole addresses. Previously, the Shiba Inu community had pointed out three fake smart contract addresses on CoinMarketCap. However, these were based on the three Ethereum competitors Binance Smart Chain, Terra and Solana. 


The Shiba Inu team then clarified that any non-Ethereum address is indeed invalid. SHIB is an ERC-20 token. Therefore, coins sent to addresses on other chains are lost forever. However, the CoinMarketCap platform initially argued that these were not malicious addresses. They would only serve to "improve the user experience". It should also be said that Shiba Inu is extremely popular among large ether investors . 


Shiba Inu raises safety concerns

In its statement, the Shiba Inu team appreciates the efforts regarding interoperability. But it also points to “fundamental limits” on the security level that would result from the integration of such foreign addresses. Echoing the concerns expressed by the community, the developers also criticized CoinMarketCap for making decisions about the token in a "centralized" manner. At the same time, however, they also retracted their accusations of spreading fake smart contract addresses.


Indeed, CoinMarketCap's action raises doubts.


I don't understand how CMC... can interfere with how a coin or token works. It's like a retail store selling a brand name and decides to change the color or size of the retailer's brand without the company knowing



, writes a Twitter user named @MrBarre . 

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