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CoinMarketCap finally reaches out to SHIB devs to fix ‘wormhole’ contract issues

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It’s been quite the drama for a certain cryptocurrency over the past couple of days – Shiba Inu (SHIB) – with its vocal community part of an intense commotion on Twitter. In fact, SHIB’s community was in an online spat with CoinMarketCap and, it didn’t hold back.

As one may know, SHIB incorporates only the Ethereum chain. However, the most visited cryptocurrency-related website dished three fake SHIB contract addresses on its website, fueling a ruckus.

To make things worse, CMC allegedly disregarded the claims at first. Now that the issue has gained traction, however, the website wants to rebuild its bridges.

Clearing the base

Developers behind popular meme token Shiba Inu (SHIB) issued a statement alleging that CoinMarketCap listed three fake SHIB contract addresses. These belonged to Binance Smart Chain (BNB), Solana (SOL), and Terra Luna (LUNA) blockchains.

As SHIB’s official representatives reported, the aforementioned addresses were designed to sell Shiba Inu. However, the contracts listed on the tracker were fake. At least, that’s what the SHIB executives claimed. It was in light of the same that the network urged CMC to take them down.

CoinMarketCap, however, didn’t hold back in its own response. It issued a reply just hours later on Twitter. Not so surprisingly, CMC said otherwise.

As per the latter’s response, contract addresses listed on the page were wormhole addresses designed to facilitate cross-chain transactions. The team at CoinMarketCap also invited the Shiba Inu team to reach out through “the official channels” linking to a support page.

Squash the beef, let’s collaborate

Well, surprisingly, it was the website that reached out to the meme coin’s developers in an effort to resolve recent issues related to “wormhole” addresses.

In an elaborate thread on Twitter, executives of SHIB’s army alerted its users in a tweet that read,

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

Our internal Breeds are responding to multiple communication channels, to sure everyone is informed and oriented in a positive manner.”

Here, it’s worth noting that the addresses were still available on CoinMarketCap, at the time of writing. The network pointed out that all their tokens were ERC20.

Source: Twitter

At the time of writing, SHIB was still bleeding, however. It was trading around the $0.000027-mark following a 1.2% price correction. Did the aforementioned episode help SHIB? Well, not really. But, that’s just the short-term picture for now.

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

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