CoinMarketCap Collaborates With Shiba Inu Devs To Spread Word Of Misleading SHIB Addresses

Today, the Shiba Inu team posted a tweet to notify the latest issues faced by SHIB’s wormhole addresses on its official twitter handle, wherein they informed that the leading cryptocurrency exchange CoinMarketCoin has reached out to their developer team to discuss about the same.

Wormhole addresses are alternate addresses which are designed to facilitate cross-chain transactions of the wrapped version of cryptocurrencies. While these addresses aren’t malicious by nature and aim to improve user experience instead, fake version of these smart contracts on three Ethereum-killers – Binance Smart Chain, Terra and Solana – that are displayed on the “front page of crypto” are not safe for use, the SHIB team told.

The Shiba devs have also elaborated on the problem by explaining that any non-Ethereum addresses (such as the aforementioned BSC, Terra and Solana) will be invalid since SHIB is an ERC-20 token: U.Today remarked. Furthermore, the team warned users not to interact with these contracts and not to purchase SHIB from them because their “funds will be irreversibly lost.”

The team has emphasized on the importance of these smart contract addresses in imbuing interoperability in the crypto world, but has highlighted that some limits are that there are certain “fundamental limits” to the extent of security that can be provided by such bridges.

SHIB And CoinMarketCap: A Look Back

The Shiba developers have accused CoinMarketCap for turning the other cheek to their listing of fake smart contract addresses for SHIB before, to which the exchange later acknowledged that they did indeed list 3 Shiba Inu addresses – expressing that these aren’t malicious adresses by stating that, “For the avoidance of doubt, the addresses are not malicious. There is precedent for just o publish the contract addresses for wrapped assets because it would ultimately streamline the user experience and facilitate cross-chain transactions.”

Before all this, the pupcoin has also complained on issues concerning incorrect portrayal of the cryptocurrency’s circulating supply in the past.

It should be noted that CoinMarketCap is the world’s most-referenced price-tracking website for cryptoassets. In December 2021, U.Today reports that it announced Shiba Inu as the most viewed cryptocurrency of the year, surpassing Bitcoin and Dogecoin. 

Click here to check out The Habibiz NFT Collection: Everything You Should Know.

Sneh Dokania is an Economics major student with an inquisitive disposition seeking to articulate facts, information and news stories in a candid manner on Clout News.

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