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CoinMarketCap Debunks Shiba Inu "Fake" Contract Addresses Accusations Made by Official Shiba Team

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Fri, 01/14/2022 - 07:50
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Arman Shirinyan
Shiba Inu and CoinMarketCap drama continues on Twitter
CoinMarketCap Debunks Shiba Inu "Fake" Contract Addresses Accusations Made by Official Shiba Team
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Shiba Inu's official account has released a statement regarding the listing of additional fake contracts of SHIB tokens on CoinMarketCap. The official account of the tracker had already reacted to such a consequential matter.

The statement

The official announcement made on Twitter by the Shiba Inu development team warns users about the three fake contract addresses for Shiba Inu listed on CoinMarketCap. All three addresses, BEP20, Solana and Terra, are reportedly invalid and should not be used.

As SHIB's official representatives reported, the aforementioned addresses are designed for selling Shiba Inu cryptocurrency, but it is more likely that contracts listed on the tracker are fake and are acting like honeypots for Shiba Inu supporters who are unwilling to use the main chain for purchasing tokens.

CMC Page
Source: CoinMarketCap

According to the statement, the CoinMarketCap administration refused to communicate with the official Shiba Inu team regarding the delisting of the abovementioned contracts, and they "willingly allowed" scammers to "vandalize" the token's listing on the tracker. But the tracker's administration did not stay quiet.

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CoinMarketCap's official response

Less than two hours before press time, CoinMarketCap answered both the official Shiba Inu account and the Shiba community by stating that the listed contracts are wormhole addresses that are designed for facilitating cross-chain transactions of the wrapped version of the token.

Those addresses allow users from different EVM-compatible chains to operate with the token initially deployed on the Ethereum chain.

The official Shiba Inu account has not yet commented on CMC's statement, with its last tweet suggesting that all listed contracts are "wrong."

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.