Layer 2s and Scaling • August 17, 2023, 3:27AM EDT Published 2 minutes earlier on 
The Block
Quick Take
- After launching yesterday, Shibarium has reportedly run into serious issues — leading to at least $1.8 million in crypto funds being stuck.
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Transactions on the newly launched Shibarium are reportedly stuck in a pending state — accounting for more than 1,003 ether ($1.8 million) in locked funds.
Blockchain security team Beosin stated that the funds are locked and has advised users to temporarily stop using Shibarium.
Data from Shibarium’s primary blockchain explorer indicate no new transactions have been confirmed for five hours.
A screenshot circulating on social media reportedly captured from an internal Telegram conversation — which has not been verified by The Block — seemingly shows one Shibarium developer stating: “We can’t recover the ETH bridged.”
Noted blockchain sleuth ZachXBT chimed in to say that they have not confirmed if the RPC is dead, but “it’s a sloppy launch regardless.”
As of the time of this writing, the Shibarium RPC website appears to be inaccessible.
Users have also reportedly been blocked from sending messages on the project’s Discord shortly after the issues began.
The price of Shiba inu has declined by 9% over the past 24 hours. Associated tokens Bone and Leash have dropped by 13% and 25%, respectively.
Shibarium launched yesterday during the Blockchain Futurist Conference in Canada.
