- In mid-October, Sifcore staff were abruptly stopped from wages.
- As per a Reddit post, anyone with assets on the Sifchain’s Peggy bridge is recommended to ‘get them off’.
- The Reddit post also noted that it is very likely that the Peggy bridge will simply fail.
The core developer of Cosmos Omni-Chain Decentralized Exchange, Sifchain, said that the RedStarling validator will be shutting down.
As per a message on RedStarling’s website, Sifcore employees have been abruptly stopped from receiving wages since mid-October. As a result, employees were suggested to shift their assets to other Cosmos Dex.
Another post on Reddit read:
Today, I am announcing I will shut down the RedStarling validator that I manage along with another key infrastructure lead. I have worked hard with Jazear these past few months to a) keep the chain alive and b) find a way to get people paid. There has been no progress.
The post further said anyone with assets on the Sifchain’s Peggy Bridge is recommended to “get them off” as soon as possible. The post claimed that the Peggy Bridge is under Jazear’s control.
The Reddit post also noted that it is very likely that the Peggy bridge will simply fail. Inter-Blockchain Communication (IBC) Protocol relayers may also fail, claimed the post.
RedStarling’s website said that people having ETH/ERC-20 assets such as USDC or ETH in Sifchain must know that there is “no staff” to make sure the Peggy Bridge is stable or to ensure that the bridge account admin keys are not misused.
The website also reveals that the front might also stop functioning if the data services or gRPC nodes stop working. However, if the chain is not halted, one should be able to use CLI commands.
In December 2020, Sifchain had raised an initial $3.5 million seed funding round for its Omni-Chain DEX from investors including Alameda Research, NGC Ventures, AU21 Capital, Danish Chaudhry of the Bitcoin.com exchange, Mechanism Capital, and Bitscale.