Shibarium Technical Issues Disable Transactions Worth $1.7 Million

Web3 cybersecurity firm Beosin recommends users refrain from using Shibarium for the time being as transactions cannot be processed properly.

Shiba inu dogs covered in a spider web
Sibarium’s block scanner and running blockchain software client are also reportedly non-functional.

Today, blockchain analytics firm Beosin reported technical issues with Shibarium, a newly launched Ethereum L2 scaling solution associated with the popular memecoin Shiba Inu. "Transactions on Shibarium are stuck in a pending state. $1.7 million is currently locked on ETH," Beosin shared with its Twitter followers, advising users to temporarily stop using Shibarium.

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More details were provided by pseudonymous crypto influencer Shroom Daddy, who reposted the announcement from Shibarium's developer Shytoshi Kusama about the problems the blockchain team experienced with the recovery of the bridged Ether.

Shroom Daddy also mentioned non-functioning running blockchain client software (RPC). The block height on Shibarium, which indicates a position in a blockchain and is defined by the number of confirmed preceding blocks, reportedly experienced abnormal fluctuations that "changed up and down" instead of increasing steadily.

There are also reports of problems with the block scanner preventing blockchain users from checking their account balances.

Some users doubted that these reports were real and asked the famous on-chain detective ZachXBT for confirmation.

"No idea but RPC is dead and also awful block explorer. It’s a sloppy launch regardless," the Web3 sleuth commented on the situation.

Read also: Shibarium blockchain set to blast off this August, Kusama reveals

Some Twitter users claim that the validation of transactions on Shibarium worked properly for a short moment after the announcement of the technical problems, but the operations were soon suspended again.

Meanwhile, another on-chain security firm, PeckShield, recorded a 7% drop in the price of Shiba Inu which might be caused by the unsteady work of Shibarium. At press time, the data from CoinMarketCap showed that the token's price drop reached almost 8%, leaving SHIB's value at $0.000009087.