Shiba Inu Plunges Over 10% Amid Concerns Over Shibarium's Codebase
Shiba Inu (SHIB) plunged over 10% to tap $0.00001043 late Wednesday after concerns over the upcoming Shibarium layer 2 network surfaced.
As ZyCrypto reported, Shibarium’s beta version testnet launched last week, allowing users to evaluate and give feedback on issues that need to be resolved before the final release. However, despite the launch bringing the much-awaited Shibarium network closer to launch, SHIB supporters seem to have been put off by claims of misconduct by the network’s developers.
On Wednesday, a developer known as “Steve” alleged that the Shibarium developers had stolen the source code of a project known as “Renia” but forgot to change the chain ID, sparking widespread rebuke by the community.
“Why is it that it looks like Shibarium test net has taken Rinia testnet genesis file, changed the name from Renia but forgot to change the chain ID?” Steve asked on the Shiba Inu discord channel.
A chain ID refers to a unique identifier that distinguishes one blockchain from another. It is a unique code and is used by MetaMask and other crypto wallets to determine which network to send transactions to.
Steve further suggested that Shibarium developers could have duped the owner of Renia by asking him to turn Renia’s nodes off so they could spin up a node with a copied genesis file.
“The only way this chain ID could have been taken from Renia testnet is if the test net dev is telling truth. There is no way for it to be taken over without Shytoshi and Kaal specifically having communications with him and asking him to reboot (tricking him) so they could take his genesis file and steal his work,” Steve added.
Shytoshi, the lead developer of Shiba Inu, was also hit with misconduct claims by another developer, who accused him of “creating manipulation against the entire team with slanderous lies and manipulation.” According to the developer, Shytoshi had reportedly fired some top developers and refused to be transparent or communicate with them, turning the Shibarium project into a one-man-show.
Responding to the claims, Shytoshi, however cracked jokes discrediting the allegations as FUD and calling on the Shibarium community to stay focussed. Nevertheless, in a March 15 tweet, Kaal Kdhairya, a top Shibarium developer, seemed to concede to the allegations, stating that they would “redeploy a new version of BETA network with a new chain ID.”
That said, despite the assurance, the allegations have continued to weigh down on tokens associated with the Shiba Inu ecosystem. At press time, SHIB was trading at $0.00001043 after a 7% drop in the past 24 hours. On the other hand, the BONE Shibaswap token was trading at $1.28, down over 16% in the same period, as per CoinMarketCap.
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