• Tue. May 28th, 2024

The official Shibarium Discord network has made some concerning accusations regarding the Shiba Inu Beta chain, which was forked from the Rinia chain and shared the chain identification.

According to the developers on the network, individuals who engage with the Shiba Inu chain will effectively interact with the Rinia link, as accounts and other applications rely on chain identification to identify the appropriate network for transaction processing.

Members of the high-ranked society have leveled serious allegations against the Shibarium testnet, claiming it has essentially copied the Rinia testnet’s genesis file but failed to update the chain identification.

Additionally, Trophias, a former Shiba Inu developer, has blamed the metaverse community for purchasing assets without making any modifications. Trophias has singled out team members Milkshake, Beysed, Stix, Firstword, and UB, asserting that they need to gain knowledge in this area.

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Furthermore, Trophias has accused Shytoshi Kusama of firing previous developers. To address concerns around the chain identification of Shibarium Beta, Kaal Dhairya, a Shiba Inu developer, took to Twitter and provided some clarification.

Dhairya explained that during the deployment of the Alpha network, a few chain identifications were chosen at random, including 917 (pre-pod/beta), 417 (Alpha), and 517 (Staging).

According to Kaal Dhairya, the chain identifications in question were not authorized at the time of their selection. However, he admits to making a mistake by not double-checking the PuppyNet protocol’s introduction.

He has announced that another version of the Shiba Inu Beta protocol will be redeployed with a fresh chain identification, consume approximately a week. Dhairya also stated that there might be numerous improvements as the network is still in the Beta phase, and he expressed his hope for a more robust and efficient Shiba Inu Layer-2 blockchain.

BitBoy, a well-known crypto industry figure, has threatened to reveal the personal information of Ryoshi, the creator of the Shiba Inu cryptocurrency. This week, BitBoy claimed that Bankman, the former CEO of FTX, was previously involved with the project after the original co-founders of Shiba Inu went their separate ways.

The evidence supports that one of the major co-founders collaborated with Bankman on developing the cryptocurrency.

The USDC Saw Nearly $3B Outflows, Leading to Price Decrease

Following the banking difficulties that Circle Internet Financial Ltd faced, the issuer of USD Coin, the crypto industry’s second-largest stablecoin, saw a net outflow of around three billion dollars between Monday and Wednesday.

In a recent blog post, Circle announced it had redeemed 3.8 billion dollars worth of USDC tokens during the specified period and created eight hundred million dollars in new tokens. The post also indicated that the backlog of such requests had been effectively eliminated.

Stablecoins such as USDC are designed to maintain a stable value, often supported by collateral such as cash and bonds. However, USDC experienced a drop in its intended value of one dollar over the weekend following the revelation that the now-collapsed Silicon Valley Bank held 3.3 billion dollars of the reserves that back the token.

To restore confidence in the US monetary system, regulators confirmed that depositors affected by the collapse of Silicon Valley Bank would be reimbursed, and Circle Internet Financial Ltd., the issuer of USDC, promised to make up any shortfall in reserves. These measures played a role in helping USDC regain its one-dollar peg value.

Megan Ford

Megan Ford

Megan Ford is an accomplished news writer with a talent for capturing the essence of a story. With a keen eye for detail and a dedication to accuracy, her articles provide readers with a captivating and well-rounded perspective on current events.

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