Latest Crypto News: Shiba Inu’s Shibarium Network Resumes Block Production After Brief Pause, SpaceX Bitcoin Write-Off Sparks Confusion

Here are some of the major developments from the world of crypto over the past few days
Latest Crypto News: Shiba Inu’s Shibarium Network Resumes Block Production After Brief Pause, SpaceX Bitcoin Write-Off Sparks Confusion

Shiba Inu’s layer-2 Blockchain, Shibarium, has revived and has restarted block generation after a transaction stoppage of over a day, according to the block explorer.

After the mainnet launch, the Shibarium network saw unexpectedly high traffic, and suspended operations to protect finances.

Lead developer Shytoshi Kusama confirmed that increased Blockchain traffic caused certain difficulties while maintaining fund security. He said that the chain and the bridge are now both operating properly, and Shibarium is prepared for an immediate restart.

In an official blog post on August 18, 2023, Shiba Inu creator Kaal Dhairya provided plans for scaling operations to handle high traffic on Shibarium. Regular updates on the state of the Shibarium network, a fork of Polygon, will also be provided by the team, he said.

“We slowly and carefully investigated where the problem exactly took place and found thousands upon thousands of contract creation and normal transactions in one block,” he added.

The Shiba Inu project has also opted to secure insurance coverage amounting to $2 million to address potential fund retrieval challenges upon the restart of Shibarium.

SpaceX Bitcoin Write-Off Sparks Confusion

SpaceX’s Bitcoin report in the Wall Street Journal has caused confusion within the crypto community, with some claiming SpaceX has sold its entire BTC holdings, while others said they were unable to confirm the amount.

SpaceX CEO Elon Musk revealed that SpaceX and Tesla both hold Bitcoin on their balance sheets, but there were no estimations for SpaceX’s BTC holdings. The write-off claims were believed to be a catalyst for the $2,000 BTC price drop, with some Bitcoin proponents questioning Musk’s strategy.

SEC Seeks To Question Terraform Labs Co-Founder Daniel Shin In Korea

The court of district judge Jed Rakoff has granted permission to the US Securities and Exchange Commission (SEC) to ask South Korea for help in questioning Terraform Labs’ co-founder Daniel Shin on Do Kwon, and Chai Corporation’s relationship with Terraform Labs.

The SEC had moved a motion on July 10, 2023 requesting permission to question the co-founder of Terra and obtain papers from the payments company he created, Chai Corporation, based in Seoul.

The SEC said in its July filing that it wished to speak with Shin regarding Kwon’s employment at Chai, the use of the Terra Blockchain by Chai, and Chai’s disclosures regarding its partnership with Terraform.

Additionally, it will ask Chai’s reason for leaving Terraform. Midway through 2019, Shin and Kwon created Chai, which they shared with Terraform’s employees and headquarters until the two businesses separated in 2020

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