Just yesterday, Shiba Inu developers announced the official launch of Shibarium, a Layer 2 network built atop the Ethereum blockchain. With over 21 unique addresses created during its testnet phase, the team was set to capitalize on the current memecoin frenzy, and were aiming to position themselves as a “serious blockchain project”, capitalizing on low fees as well as financial services and gaming offerings.

In an unfortunate turn of events, users have noted that the bridge deployed by Shibarium developers for transfer of funds is faulty, with bridged cryptocurrencies currently stuck in the smart contract, instead of being attributed to the proper addresses.

According to various Twitter users, the issue has to do with the way blocks are updating on Shibarium. However, due to the poor block explorer and user experience on the network, no definite cause has yet been established.

At the time of writing, more than $848,000 in $BONE and over 1,000 ETH are still stuck on two smart contracts addresses. Altogether, more than $2.6m in user funds are stuck on these two smart contracts alone:

$BONE: 0x885fcE983b6a01633f764325B8c3c5D31032C995

$ETH: 0xc3897302aB4B42931cB4857050Fa60f53B775870

The Shiba Inu team and its Founder have yet to officially issue a comment on the situation, but have stated that they are not able to recover the bridged funds.

$SHIB, the main token of the Shiba Inu ecosystem, has fallen approximately 20% over the last 7 days, and currently has a market capitalization of $5,474,619,225.

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