The Shiba Inu (SHIB) burn tracker, Shibburn, has raised serious concerns about the creator of the popular meme coin, known by the pseudonym “Ryoshi.” According to Shibburn, Ryoshi’s actions may not have always been in the best interest of the SHIB ecosystem. In a series of posts, the community project pointed out that the founders of the token have been less than transparent in their dealings. Shibburn specifically alleged that the founders have deliberately slowed down the token’s burn rate by refusing to burn over 103 trillion SHIB.
One of the most shocking allegations made by Shibburn is that Ryoshi lied about their SHIB holdings. Despite claiming to hold “0 SHIB” in order to avoid any conflict of interest, evidence suggests that Ryoshi actually possesses over $1 billion worth of SHIB. The founders have gone to great lengths to hide their holdings by constantly moving them across separate wallets. Shibburn argues that by doing so, the founders have hindered the ecosystem’s growth, as some of these tokens were intended to be burned.
Shibburn goes as far as to claim that Ryoshi and the other founders of SHIB are primarily motivated by personal gain. They suggest that these individuals are a “group of greedy investors” who see SHIB as their “golden goose” for enriching themselves. According to Shibburn, the founders have used the community’s trust and support to further their own interests, disregarding the development of SHIB as a whole.
In addition to Ryoshi, SHIB’s lead developer, Shytoshi Kusama, has also faced accusations from Shibburn. The community project claims that Kusama is not a “real dev” and is similarly driven by the desire for personal profits. Shibburn refers to the creation of ShibaSwap and alleges that the developers rewarded themselves with a “large amount of $BONE” during this process. Interestingly, it is suggested that BONE was made a gas token for Shibarium to increase its utility and value, potentially benefiting the developers financially.
It is noteworthy that neither Ryoshi nor Shytoshi Kusama have responded directly to these allegations. Furthermore, no official updates or statements have been published on the developers’ usual announcement blog. Despite these allegations, Shiba Inu, the community supporting SHIB, appears unaffected and continues its involvement with the cryptocurrency.
The allegations raised by Shibburn underline the crucial importance of transparency in the cryptocurrency ecosystem. Users and investors should have access to accurate information about the token’s development and the actions of its creators. Dishonest practices can erode trust and undermine the potential growth of a project, as seen in the case of SHIB. Moving forward, it is crucial for SHIB’s founders to address these allegations and provide a transparent account of their actions to ensure the community’s confidence in the project’s future.