The Shiba Inu team clarifies the situation with CoinMarketCap

The memecoin team had warned investors to stay away from "malicious" addresses on the monitoring platform's SHIB token page.

The team behind memecoin Shiba Inu said CoinMarketCap contacted its developers to resolve the problem of the three fake addresses on the popular data aggregator page.

Lack of transparency, says Shiba Inu

Shiba's team said the monitoring platform made decisions on behalf of the coin centrally without taking its side in confidence by presenting those addresses on the SHIB token page. According to the people behind the memecoin, the incident highlights "critical issues surrounding the poor level of transparency, and the willingness to work with Shiba Inu".

The release spelled out the processes that should have preceded the decision to put the smart contract address SHIB:

"This covers the following range of processes: verifying, repairing and evaluating risk-oriented decisions affecting the token page, within their monitoring platform, to guide unannounced changes in verification processes."

Earlier, Shiba Inu warned its investors to stay away from the controversial addresses of the SHIB smart contract. Now, he has disputed CoinMarketCap's arguments that these were cross-chain links that facilitated investments from other networks - Terra, Binance Smart, Solana, and Polygon.

Lack of support and communication

Shiba Inu previously said that it has faced a lack of timely and comprehensive support from the trading platform on several occasions.

“We have tried to reach out several times, respectfully, directing our attention and professional approach in the way of reaching us that CoinMarketCap has conveyed as the correct method of communication - through their ticketed support system. Yet each time, the response has been limited or nonexistent, ”Shiba Inu elaborated his grievances against CoinMarketCap.

In a series of tense communications, the Shiba Inu team complained that CoinMarketCap "refused to communicate with the SHIB team about token page updates and voluntarily allowed malicious actors to vandalize our ad."

The case of cross-chain transactions

However, CoinMarketCap had a message accompanying the controversial addresses that read: “Please note that the non-ETH contact addresses on this page are wormhole addresses, which are designed to facilitate cross-chain transactions of wrapped versions of this asset. . "

CoinMarketCap tried to clarify by saying that these contract addresses were not malicious but wrapped assets that would facilitate cross-chain transactions and simplify the user experience.