CoinMarketCap started cooperating with Shiba Inu team to fix recent issues related to “wormhole” addresses

According to some reports, the official Shiba Inu Twitter account provided an update on the recent CoinMarketCap incident, claiming that the top crypto rating site has been in contact with the coin’s developers to solve current issues related to “wormhole” addresses.

Shiba Inu devs start cooperating with CoinMarketCap

Not long ago, the Shiba Inu community called attention to three fake smart contracts on the three “Ethereum killers” (Binance Smart Chain, Terra, and Solana) displayed on CoinMarketCap. The team clarified that any non-Ethereum address is, in fact, invalid because SHIB is an ERC-20 token. Tokens sent to addresses on other chains will be lost forever.

CoinMarketCap quickly released a statement, clarifying that these are indeed deep-hole bridges for cross-chain transactions with wrapped versions of the token. Therefore, the addresses mentioned are not malicious, and they are aimed at improving the user experience. The Shiba Inu team recognized the importance of interoperability, but they stated that there were “fundamental limits” to the level of security provided by such bridges.

In light of the community’s concerns, the developers also criticized CoinMarketCap for making decisions about tokens in a “centralized” manner while countering the alleged listing of fake smart contract addresses.

Earlier, the community behind the dog token also took aim at CoinMarketCap for incorrectly displaying the circulating supply of the cryptocurrency. CoinMarketCap remains the most intuitive crypto-related site. Last month, it attracted 294 million hits, according to SimilarWeb. It was acquired by cryptocurrency exchange Binance in early 2020. At the end of December, CoinMarketCap announced that Shiba Inu is the most viewed cryptocurrency of 2021, surpassing both Bitcoin and Dogecoin.

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