Monday, December 4, 2023

Fraudulent SHIB wormhole addresses have been removed from CoinMarketCap

It is interesting to note that the token addresses of LUNA SHIB, BNB, and SOL have disappeared from the page of CoinMarketCap without a trace.

CoinMarketCap had removed three listed addresses of SHIB (Shiba Inu) from the Binance – BNB (Smart Chain), LUNA (Terra), and SOL (Solana) blockchains. A Twitter user called @shibainuart first observed this. At present, only the ETH (ERC-20) is available on their website. Around three weeks before, there was a massive turmoil on Twitter when the developers of Shiba Inu mentioned that the company had intentionally listed 3 sham contract addresses for SHIB. The Tweet warned the users not to interact with those addresses because their funds can then be lost forever.

Wormhole addresses

.CoinMarketCap mentioned that those three contract addresses happened to be wormhole addresses. They were designed for facilitating cross-chain transactions. Although the addresses disappeared, visitors can still see the warning on the main page of the SHIB token on the website. Interestingly, CoinMarketCap is yet to issue a statement as to why the wormhole addresses were removed.

On January 19 this year, the developers of the Shiba Inu released a community letter, which looked like an acceptance. At the same time, they also mentioned the likely risks of cross-chain bridges. Vitalik Buterin, the co-founder of Ethereum, 51 percent strikes on one small-cap chain in one hundred interconnected blockchains could form system-wide spread because of scalability.

Recently, the most significant decentralized finance hack occurred on Wormhole, a cross-chain bridge. Hackers maliciously minted 321 million USD worth of Ether on Solana. These cybercriminals then transferred the wrapped Ether on the ETH network for redemption.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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