Shiba Inu Team Clarifies the Situation With CoinMarketCap

The team behind the memecoin Shiba Inu said that CoinMarketCap has approached its developers to resolve the issue of the three fake addresses on the popular data aggregator page.

Lack of Transparency, Says Shiba Inu

Community Update — We are happy to announce, @CoinMarketCap has reached out to our developer team and is in current discussions in regards to our most recent incident correlating to Wormhole contracts.

Please read our response.. pic.twitter.com/OBckJYNVkH

— Shib (@Shibtoken) January 19, 2022

Shiba’s team said the tracking platform took decisions on behalf of the coin in a centralized manner without taking its side into confidence by presenting those addresses on the SHIB token page. According to the people behind the memecoin, the incident highlights “critical problems surrounding the poor level of transparency, and willingness to work with Shiba Inu.”

The release spelled out the processes that should have preceded the decision to put up SHIB smart contract address:

“This covers the following range of processes: verifying, repairing, and assessing risk-oriented decisions that affect the token’s page, within their tracking platform, to orient changes without notice of verification processes.”

Earlier, Shiba Inu cautioned its investors to stay away from the controversial SHIB smart contract addresses. Now, it disputed CoinMarketCap’s arguments that these were cross-chain links facilitating investments from other networks – Terra, Binance Smart, Solana, and Polygon.

Lack of Support and Communication

Shiba Inu previously said it faced a lack of prompt and full support from the trading platform on several occasions.

“We have tried to reach out multiple times, respectfully, orienting our attention and professional approach in the mannerism of reachability that CoinMarketCap conveyed as the correct method of communication – via their ticketed support system. Yet each time, the response was limited or nonexistent,” Shiba Inu elaborated on its grievances against CoinMarketCap.

In a series of tense communication, Shiba Inu’s team complained that CoinMarketCap “has refused to communicate with the SHIB team on updates to the token page and willingly allowed malicious actors to vandalize our listing.”

The Case of Cross-chain Transactions

However, CoinMarketCap had a message accompanying the controversial addresses that said, “Please note that the non-ETH contact addresses on this page are wormhole addresses, which are designed to facilitate cross-chain transactions of wrapped versions of this asset.”

CoinMarketCap tried to clarify saying that these contract addresses were not malicious but wrapped assets that would facilitate cross-chain transactions and streamline the user experience.