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Shibarium Optimized and Almost Ready for Reopening, XRP Lawyer Says SEC Caused Inestimable Damage, New Shiba Inu Scam Appeared: Crypto News Digest by U.Today – U.Today

Here are the top three news stories over the past day presented to you by U.Today.
Yesterday, Shiba Inu lead Shytoshi Kusama posted an update on Shibarium’s attempt to relaunch following massive engineering work. He wrote that after two days of testing and tweaking parameters to achieve the “ready” state, the Layer 2 protocol is now “enhanced and optimized.” As a reminder, Shibarium experienced a turbulent start on the first day of its launch last week, as the chain stopped producing blocks. According to the team, the cause behind this malfunction was massive traffic that it was not ready for. Currently, Shibarium is undergoing testing but is producing blocks.

Why Did Shibarium Fail? Team’s Reason Might Shock You

In a recent thread, pro-XRP attorney John Deaton highlighted the damage that the SEC lawsuit brought to Ripple and its affiliated token XRP. The legal battle between the regulatory agency and the fintech giant started back in December 2020, and only this year Judge Torres proclaimed that XRP sales through algorithms and exchanges did not constitute an investment contract. Per Deaton, litigation has cost XRP three years of adoption, which is a lot “in crypto years,” as, during this time, the crypto world saw notable advances, innovations and a massive bull run. The attorney also added that before the case, XRP was extensively supported by the Coinbase exchange. In conclusion, Deaton stated that despite Ripple’s continued and impressive success, with 95% outside the U.S., the lawsuit hurt XRP and development related to the XRP Ledger.

XRP Makes Unexpected U-Turn, Down We Go Again

Unfortunately for all crypto enthusiasts, including the SHIB community, scammers are still wide awake and thriving, trying to exploit the trust of digital assets holders. One such malefactor recently created a fake account for SHIB lead Shytoshi Kusama and posted that “Shibarium scaling is complete,” urging users to “bridge over to Shibarium to redeem your rewards” using a dubious link. X platform user @doubutunante rushed to issue a warning to their fellow SHIB supporters, calling them to beware of the scam and reminding them that the authentic @ShytoshiKusama account prominently features a SHIB label, which is the logo of the Shiba Inu crypto.
Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.
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