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Regulators Now Target ETH Instead of XRP, Shibarium Exposed as Clone, $5 Billion BONE Unstaked as Result of Shibarium Turmoil: Crypto News Digest by U.Today

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Fri, 17/03/2023 - 15:56
Regulators Now Target ETH Instead of XRP, Shibarium Exposed as Clone, $5 Billion BONE Unstaked as Result of Shibarium Turmoil: Crypto News Digest by U.Today
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Here are the top four news stories over the past day presented to you by U.Today.

XRP no longer target for regulators, now it is Ethereum (ETH), lawyer explains

John Deaton, pro-crypto lawyer and legal expert, continues shedding more light on the case of Ethereum holders vs. New York state attorney general (NYAG). In his recent tweet, Deaton drew the public's attention to the fact that despite XRP being traded on KuCoin earlier, the attorney general chose ETH for some reason to charge the exchange with selling unregistered securities. “It is a coordinated long game play,” writes the lawyer, with regulators now targeting Ethereum and staking to eventually shut down all such projects. To prove his point, Deaton shared a quote from the case, which reads that ETH holders can make a profit merely by participating in staking the token. As reported earlier by U.Today, the lawyer gathered more than 1,000 ETH owners for a class action lawsuit against the New York state attorney general.

Shibarium exposed as clone, Shiba Inu community left in turmoil

According to a message on Shiba Inu’s official Discord channel by Steve, a member of the SHIB growth team, Shibarium Layer 2 solution is allegedly a clone of another blockchain project called Rinia. He claims that Shibarium's testnet had the same chain ID as Rinia's testnet, adding that it looks like Shibarium took Rinia’s testnet genesis file and forgot to change the chain ID. Besides, Steve expressed skepticism that Shibarium could have taken Rinia testnet’s chain ID without the knowledge of Rinia's developer. The accusation has made the SHIB community go wild, with many of its members demanding a response from SHIB team representatives. As stated by Ringoshi Toitsu, the operator of the FUND Validator for Unification, any duplicate chain ID is a nonissue as there will be multiple testnets to address bugs. SHIB developer Kaal Dhairya announced that they will be redeploying a new version of the beta network with a new chain ID soon.

Related
Shytoshi Kusama Names Those Who May Be Spreading FUD About Him and Puppynet

$5 million BONE unstaked, users massively leaving Shiba Inu ecosystem

In light of recent events surrounding the Shibarium Layer 2 solution (namely, the project being accused of taking the genesis file from the Rinia blockchain), the SHIB community has started questioning its overall credibility. Despite SHIB lead dev Shytoshi Kusama denying all accusations, it caused an exodus from the staking contract, with $5 million worth of BONE tokens being unstaked. Shiba Inu’s native token SHIB plunged 13% as a result, suffering from a serious blow to the ecosystem. It remains to be seen whether the Shiba Inu drama will have a long-term impact on the project. If the Shiba Inu team can address the concerns raised and provide a satisfactory explanation, confidence in the ecosystem may be restored.

Related
800 Billion Shiba Inu (SHIB) Moved From Shiba Staking Contract, Here's What Happened

Shiba Inu drama heats up as YouTuber BitBoy threatens to reveal Shytoshi Kusama’s identity

Another drama has occurred around the Shiba Inu project as YouTuber Ben “Bitboy” Armstrong threatened to reveal the identity of the project’s lead developer, Shytoshi Kusama. In a recent tweet, BitBoy hinted that he will "dox the founder" of the popular cryptocurrency. The YouTuber then proceeded by stating that there was a lot of evidence to prove that the lead developer worked with disgraced FTX founder Sam Bankman-Fried, but that he was only involved early on. This is when Shytoshi Kusama himself entered the conversation, challenging BitBoy by asking him how his T-shirt sales were doing and suggesting that he provide receipts. As reported later on by U.Today, Kusama is now urging Ben Armstrong to “stop fudding.”

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