The post Shibarium Launch: SHIB and BONE Declined by 6%, $1.7M of Ethereum Stuck, What Next? appeared first on Coinpedia Fintech News

The anticipated buzz is real now the much-hyped crypto project of 2023 “Summer of Shibarium” is live, the mainnet finally launched yesterday. It’s expected to make the Shiba Inu network faster and transactions cheaper.

However, soon after the launch, the tables turned upside down as Shubarium encountered a major technical glitch. Users who were trying to transfer Ethereum to the network faced severe problems, resulting in approx $1.7 million worth of Ethereum getting stuck on the bridge between platforms. 

What Went Wrong? 

Beyond the Ethereum lockup, the Shibarium network itself encountered problems. The entire Block was down for several hours including the Shibarium Remote Control Protocol (RPC) one of the key features of the mainnet. This caused a complete shutdown of the network restricting users and data recovery was badly impacted. 

One of the Chinese crypto journalists named Colin Wu revealed the actual scenario of the Ethereum lockup by pointing out that more than 965 ETH worth $1.7 million were stuck. Beosin, a platform that keeps an eye on crypto-related risks, has also confirmed the news and instructed users to stop using the gateway.  

As concerns mounted, DaVinci, a community member and server admin, suggested caution and recommended testing with small amounts due to escalating reports of problems. While Lucie, one of the executives is warning for a greater risk looming on the mainnet. Instructed users with tips to stay safe from phishing and fraud.