The Shibarium devs are in the doghouse.
A botched launch of Shiba Inu’s ETH L2, Shibarium, sees a total of $2.6M of user funds stuck in a faulty bridge.
As if there weren’t already enough ways to get rekt trading memecoins...
For some reason, the dog token needed an L2 where loyal holders could participate in canine-themed DeFi, GameFi, NFTs and general degeneracy, playing fetch with tickers such as BONE, LEASH (both down ~30%) and TREAT (not yet released).
But shortly after launch, transactions stalled, and SHIB dropped almost 10% on the news that the chain had stopped producing blocks.
Or can they?
Given Shibarium isn’t producing blocks, withdrawals from the bridge cannot be initiated from the L2 side.
Bridge address (ETH): 0xc3897302ab4b42931cb4857050fa60f53b775870
Bridge address (BONE): 0x885fcE983b6a01633f764325B8c3c5D31032C995
However, it appears that not all hope is lost…
Given the bridges are proxy contracts, the funds should be recoverable, as pcaversaccio points out:
There is certainly a way to recover the ETH as long as the proxy owner didn't lose the private key. Upgrade the implementation, recover the funds via an ownable function, and set up a claim contract. And yes, upgradeability is still a bug as u see here🙃.
Apparently, every dog has its day...
"ALL IS WELL" claims the latest Shib Blog post, also stating that the screenshot about the funds being lost was fake.
While this may not be an irreparable mistake, it hopefully serves as a cautionary tale to anyone thinking that memecoins should be treated as anything other than memecoins…
Thankfully, this time it’s a near-miss and not a leaderboard entry.
Bridges are a necessary evil for users wanting to explore the cryptoverse, and remain the most delicate pillar of the industry.
Given the risk bottleneck they present, if they’re going to be built, they better be built right.
…and for a good reason.
The latest generation of memecoins have forced earlier examples into evolving.
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