Shiba Inu’s much-hype layer-2 network Shibarium is off to a rocky start after encountering serious issues just a day after its launch.
Examining the network’s bridge contract, which ports funds fromto the layer-2 solution, approximately $1.7 million worth of Ethereum is currently stuck between the two networks.
Beosin, a blockchain security team, confirmed that the funds are locked. As a precautionary measure, they have recommended users temporarily stop using Shibarium.
Additionally, $762,000 worth of BONE, a Shibarium governance token, was sent to the contract, as highlighted by blockchain sleuth ZachXBT.
At the time of this writing, no new transactions have been confirmed on the Shibarium chain for over three hours, blockchain data shows.
Other users pointed out issues with the RPC (remote procedure call) system, which allows access to a network’s server node to communicate with the blockchain.
The Shibarium team so far has been staying silent on the matter. It did not immediately respond to Decrypt‘s request for comment.
A moderator in Shibarium’s Discord shared that “as a precautionary measure,” admins “have temporarily restricted access to certain channels due to the spread of misinformation and fake websites.”
“To regain access and participate in discussions, please connect your wallet. You’ll then be able to engage with the important announcements mentioned above,” reads the post.
Amid the reported glitches, the price of the Shiba Inu (SHIB) plunged to a weekly low of $0.00000902 earlier on Thursday, currently trading at $0.00000911, or down 8% on the day, according to CoinGecko.
SHIB’s associated tokens BONE and LEASH are down 20% and 22%, respectively.