CoinMarketCap Removes 'Fake' Shiba Inu Wormhole Addresses

Crypto price tracking website CoinMarketCap (CMC) has now removed three fake contract addresses it had previously listed under Shiba Inu SHIB/USD.

What Happened: On Feb. 8, Twitter user “@shibainuart” highlighted that CMC had removed the wormhole addresses on the Shiba Inu page on its platform.

Report: CoinMarketCap removes wormhole addresses from the Shiba Inu $SHIB page within their platform. Leaving only the #Ethereum contract intact. pic.twitter.com/X0wc0hW4pi

— MILKSHAKE (@shibainuart) February 8, 2022

CMC removed the Shiba Inu addresses on Solana SOL/USD, Binance Coin BNB/USD, and Terra LUNA/USD blockchains while leaving the accurate Ethereum ETH/USD contract in place.

Why It Matters: The removal of these addresses comes a month after Shiba Inu developers put out a statement alleging that CMC had “knowingly listed 3 fake contract addresses for SHIB.”

Official Statement regarding the recent actions by @CoinMarketCap. pic.twitter.com/DXP2wZRhYC

— Shib (@Shibtoken) January 13, 2022

"Do not purchase SHIB from these addresses as your funds will be irreversibly lost," warned the team at Shiba Inu.

However, CMC issued a tweet countering that statement. 

Please note that the non-ETH contract addresses on this page @shibtoken are wormhole addresses, which are designed to facilitate cross-chain transactions of wrapped versions of this asset. https://t.co/IhbNBJkwnf

— CoinMarketCap (@CoinMarketCap) January 14, 2022

“For the avoidance of doubt, the addresses are not malicious. There is precedent for us to publish the contract addresses for wrapped assets because it would ultimately streamline the user experience and facilitate cross-chain transactions,” stated CMC at the time.

Price Action: As of Thursday morning, SHIB was trading at $0.00003267, down 1.63% in the last 24 hours. The Dogecoin DOGE/USD rival has surged by more than 63% over the past week.

Photo by Quantitatives.io on Unsplash