BAPA - Fortuna

🔥 One Vision, One Force, One Destiny 🚀

[BAPA - Fortuna @SHIB_ACADEMY]

🎓 SHIB ACADEMY

OFFICIAL INVESTIGATION NOTICE

Over the past weeks, many of you have followed our publications and asked the same question:

“When does the actual investigation begin?”

The answer is:

Now.

The purpose of INV. #001 through INV. #015 was never to investigate the SHIB ecosystem itself.

Their purpose was something even more important.

Before investigating any subject publicly, we believed it was essential to explain how the investigation would be conducted.

Those first fifteen publications established the methodology that will govern every investigation published by SHIB Academy.

They defined our standards for:

• Evidence.

• Verification.

• Primary sources.

• Neutrality.

• Transparency.

• Critical examination.

• Intellectual honesty.

• Confidence levels.

• Independent reproducibility.

• Continuous revision whenever stronger evidence emerges.

Only after establishing these principles publicly do we begin the documentary investigation itself.

Starting with INV. #016, SHIB Academy enters a new phase.

From this point forward, every investigation will be based on documented, verifiable evidence.

Whenever applicable, each publication may include:

• Official sources.

• Direct verification links.

• Official statements.

• Historical timelines.

• Blockchain evidence.

• Smart contract verification.

• Public repositories.

• Relevant technical documentation.

• Archived communications.

• Screenshots when they provide documentary value.

• Independent cross-verification from multiple reliable sources.

Each conclusion will be clearly classified according to the strength of the available evidence.

Possible classifications include:

✅ Confirmed

🟢 Highly Probable

🟡 Plausible

🟠 Uncertain

🔴 Contradicted

These classifications are not permanent.

If stronger evidence becomes available in the future, SHIB Academy will publicly update its conclusions.

Our commitment is not to defend previous opinions.

Our commitment is to follow the evidence wherever it leads.

This investigation is not being conducted to confirm or deny any narrative.

It is being conducted to document reality as accurately, transparently, and objectively as possible.

Whether the evidence confirms expectations…

Or challenges them…

Our responsibility remains exactly the same.

Every reader will have the opportunity to verify the evidence independently.

That is why every investigation will include the supporting documentation whenever possible.

Our objective is simple.

Not to ask for trust.

But to earn credibility through transparency.

We don’t ask anyone to trust our conclusions.

We provide the evidence so everyone can verify them independently.

Tomorrow, with INV. #016, the documentary investigation officially begins.

Learn first.

Understand deeply.

Decide wisely.

#SHIB #CryptoEducation #Blockchain #SHIBAcademy

[BAPA - Fortuna @SHIB_ACADEMY]

CURRENT EVIDENCE ASSESSMENT

Based on the evidence examined:

✅ CONFIRMED: Shibarium has an officially documented Proof-of-Stake validator architecture.

✅ CONFIRMED: Validators use BONE staking as part of participation in Shibarium consensus.

✅ CONFIRMED: Heimdall manages validator-related consensus functions and checkpoints, while Bor performs block-production functions.

✅ CONFIRMED: Official documentation currently contains detailed procedures for deploying, operating, maintaining and monitoring validator infrastructure.

But:

🟠 NOT YET ESTABLISHED BY THIS INVESTIGATION: The exact number of currently active validators.

🟠 NOT YET ESTABLISHED: Current stake distribution.

🟠 NOT YET ESTABLISHED: Current concentration of validator power.

🟠 NOT YET ESTABLISHED: The effective decentralization level of the active validator set.

CONCLUSION

The evidence supports the existence of a technically documented validator system underpinning Shibarium.

But SHIB Academy will not make the additional leap of assuming:

“Validators exist, therefore Shibarium is sufficiently decentralized.”

That conclusion requires separate evidence.

This distinction matters.

A blockchain can be operational while questions about validator diversity, stake concentration and decentralization remain legitimate subjects of investigation.

Therefore, our current classification is:

Validator architecture: CONFIRMED.

Current decentralization: UNDER INVESTIGATION.

Current validator distribution and participation: UNDER INVESTIGATION.

That is where the evidence currently takes us.

Not further.

We don’t follow narratives.

We follow evidence.

Learn first.
Understand deeply.
Decide wisely.

#SHIB #CryptoEducation #Blockchain #SHIBAcademy

[BAPA - Fortuna @SHIB_ACADEMY]

🎓 SHIB ACADEMY | INV. #023 — COMPLETE X THREAD

🇬🇧 INV. #023 (1/4)

WHO SECURES SHIBARIUM?

After examining Shibarium’s architecture, ShibaSwap and the Bridge, the next question is fundamental:

Who actually validates and secures the network?

According to the current official Shibarium documentation, Shibarium uses a Proof-of-Stake architecture built around three interconnected layers:

• Ethereum
• Heimdall
• Bor

Validators stake BONE to participate in consensus and secure the network.

Heimdall manages the validator set and checkpoints.

Bor is responsible for block production and execution.

Ethereum provides the layer where staking contracts and checkpoints are anchored.

This establishes something important:

Validators are not merely a concept described in old promotional material. They remain part of the currently documented Shibarium architecture.

But documentation tells us how the system is designed.

It does not, by itself, tell us everything about the current validator set, its activity or its degree of decentralization.

That requires a deeper investigation.

Continue 👇 (2/4)

#SHIB #CryptoEducation #Blockchain #SHIBAcademy

[BAPA - Fortuna @SHIB_ACADEMY]

THE QUESTION DOCUMENTATION CANNOT ANSWER ALONE

Finding validator documentation proves that a validator architecture exists.

It does not automatically prove:

• how many validators are currently active
• how stake is distributed between them
• whether control is concentrated
• how frequently individual validators participate
• whether all listed validators remain operational
• the present level of effective decentralization

Those are different claims.

And they require different evidence.

The Bor documentation states that block producers are selected from the validator pool and that selection probability is related to stake. Heimdall participates in validator selection and checkpointing, while Bor handles block production.

Official documentation also provides mechanisms for monitoring node health, Heimdall and Bor services, synchronization and peer connectivity.

Therefore, our investigation must separate two questions:

1. Does Shibarium have a documented validator infrastructure?

Yes.

2. Does that alone prove the present level of decentralization and validator participation?

No.

That second question requires current observable evidence.

Continue 👇 (4/4)

[BAPA - Fortuna @SHIB_ACADEMY]

WHAT DOES A SHIBARIUM VALIDATOR ACTUALLY DO?

The official documentation provides unusually specific technical information.

The validator’s signer wallet is used to sign Heimdall blocks, checkpoints and other validator operations.

The separate owner wallet controls functions such as staking, re-staking, rewards and delegation parameters.

Validators need BONE for their Heimdall responsibilities and ETH on Ethereum for checkpoint transactions.

The official documentation also describes a recommended Sentry architecture.

Instead of exposing the validator directly to the public internet, the validator should communicate through sentry nodes.

The documentation explicitly recommends isolating the validator and restricting its connections for security.

There are also documented procedures for:

• installing validator nodes
• synchronizing Heimdall and Bor
• monitoring peers
• changing signer addresses
• increasing stake
• setting validator commissions
• claiming or restaking rewards
• backing up and migrating validators

These are operational instructions, not merely a high-level description of what a validator theoretically is.

But again:

Architecture ≠ decentralization.

Continue 👇 (3/4)

[BAPA - Fortuna @SHIB_ACADEMY]

Sand, there is an important difference between reading a government-issued document and understanding precisely what that document legally establishes.

We never disputed the strike-off. In fact, we explicitly acknowledged it and then did what an investigation is supposed to do: consult the applicable Cayman Islands legislation before extending that fact into broader conclusions.

The evidence supports that the entity was struck off by the Registrar and, under the applicable statutory framework, dissolved.

But the law also provides a restoration mechanism. And the registry status alone does not establish the reason for the strike-off, insolvency, permanent extinction, or the consequences for Shibarium or the wider ecosystem.

Those are separate questions requiring separate evidence.

So yes, we understand the gravity of a government-issued document. That is precisely why we do not add conclusions to it that the document itself does not establish.

There is nothing embarrassing about verifying primary law before reaching a conclusion.

What would be embarrassing is confusing confidence with evidence.

Our investigation remains open. If the evidence proves us wrong about anything, we will publish that too.

Evidence first. Conclusions afterwards.

[BAPA - Fortuna @SHIB_ACADEMY]

Thank you for the additional context and for clarifying that this is your personal position.

We will document the distinction accordingly.

The screenshot you have referenced raises a separate and potentially important factual question: whether https://t.co/PIM6JtA0SP currently displays “© 2026 Shib Doggy DAO Foundation | All rights reserved.”

We will independently verify that directly on https://t.co/PIM6JtA0SP and preserve the result as evidence.

We will then examine a separate legal question: what, if any, legal significance that copyright notice has following the Foundation’s strike-off. We do not want to assume that the continued appearance of the notice either proves that the Foundation remains operational or, conversely, that displaying it is necessarily unlawful.

Those are conclusions that should come from the applicable law and documentary evidence.

We will also distinguish factual evidence from personal assessments concerning the conduct or motivations of individuals involved.

Thank you again for providing additional material. Everything relevant will be examined, including evidence that may support, contradict, or modify our current understanding.

Evidence first. Conclusions afterwards.

[BAPA - Fortuna @SHIB_ACADEMY]

Thank you for clarifying this. That distinction is important.

We now understand that the 30-day period you mentioned is your personal warning rather than, based on what has been presented so far, a statutory 30-day deadline imposed by Cayman Islands law.

Your broader concern, however, raises a legitimate question that we will include in our investigation: whether https://t.co/PIM6JtA0SP or its documentation currently represents SHIB Doggy DAO Foundation as an active or functioning legal entity, and whether any such representation remains legally accurate following its strike-off.

We will also examine the legal consequences of strike-off, including the possibility and effects of restoration, before reaching a conclusion.

Thank you for clarifying your position and for contributing information to the investigation. If you have any legal documentation from Leeward or another source concerning these issues, we remain happy to examine it.

Evidence first. Conclusions afterwards.

[BAPA - Fortuna @SHIB_ACADEMY]

Thank you, MrLightspeed. That could be genuinely useful to the investigation.

If you are comfortable doing so, please share the response you received from Leeward, preferably with enough context to understand exactly what was asked and what Leeward confirmed. Naturally, feel free to redact any personal, confidential or identifying information.

We would particularly like to distinguish between what Leeward has actually confirmed and what remains an inference.

The possibility that unpaid service fees contributed to the registered-office resignation or subsequent strike-off is certainly a relevant hypothesis, but at this stage we would not present it as fact without documentary confirmation.

If Leeward is also willing to confirm the relevant corporate facts directly by email, we will independently approach them as well.

If your document provides evidence that changes or contradicts any part of our current understanding, we will include that transparently in the investigation.

Thank you for contributing evidence. Our objective here is not to prove anyone right or wrong, but to establish the documentary record as accurately as possible.

[BAPA - Fortuna @SHIB_ACADEMY]

Thank you, Sand. We took your claim seriously and checked it against the official SHIB documentation and post-incident updates.

There is an important distinction.

Official records confirm that after the September 2025 incident, full bridge functionality was NOT restored immediately. On October 2, the team still listed the Plasma Bridge reactivation and PoS Bridge restart as pending work. On October 14, the official update specifically confirmed the Plasma Bridge back online for BONE, with other assets expected through a gradual rollout.

We have not yet found a later official announcement explicitly confirming that all previously supported assets were fully restored.

However, one user ticket is not enough to conclude that BONE is globally broken. That requires reproducible technical or on-chain evidence.

We also found something worth investigating further: current SHIB documentation states a ~1-hour Plasma withdrawal time, while the post-incident security update introduced a ~7-day withdrawal delay.

So your concern raises a legitimate question.

We are opening a dedicated SHIB Academy investigation into the current real-world status of the Shibarium Bridge.

No assumptions. No defense of narratives.

We will test it against official documentation, live functionality and on-chain evidence — and publish whatever the evidence shows.

[BAPA - Fortuna @SHIB_ACADEMY]

🎓 SHIB ACADEMY | INV. #022 — COMPLETE X THREAD

🇬🇧 INV. #022 (1/4)

Is the Shibarium Bridge Operational?

After examining ShibaSwap, we move to another critical component of the infrastructure:

The bridge between Ethereum and Shibarium.

A bridge is fundamental because it allows assets to move between two blockchain environments.

Current official SHIB documentation describes a bidirectional bridge supporting:

Ethereum → Shibarium

and

Shibarium → Ethereum

It also documents two different mechanisms:

• Proof-of-Stake (PoS) Bridge
• Plasma Bridge

And the current https://t.co/CY0ODPgmSk dApp directory lists:

“https://t.co/CY0ODPgmSk Bridge — By Shiba Inu Official.”

But documentation alone is not enough.

There is an important history here that must not be ignored.

Continue below 👇 (2/4)

#SHIB #CryptoEducation #Blockchain #SHIBAcademy

[BAPA - Fortuna @SHIB_ACADEMY]

Thank you, Sand. We are already investigating this.

The document is important and appears to support a specific fact: SHIB Doggy DAO Foundation is recorded as “STRUCK OFF-BY REGISTRAR,” with a status date of July 31, 2026.

But good research requires us to go one step further.

A registry status tells us what happened. It does not necessarily tell us why it happened, what legal procedure produced it, whether restoration remains possible, or what consequences it has for assets, contracts, governance or Shibarium itself.

That is exactly what we are now verifying through Cayman Islands primary legal and government sources.

We will not defend a narrative, and we will not attack one.

We will follow the evidence wherever it leads.

When the documentary chain is complete, SHIB Academy will publish the findings — including anything that contradicts our previous understanding.

Evidence first. Conclusions afterwards.

[BAPA - Fortuna @SHIB_ACADEMY]

Final Assessment

Based on the evidence currently available:

✅ Confirmed: An official Ethereum ↔ Shibarium bridge infrastructure exists.

✅ Confirmed: Current official documentation describes both deposits and withdrawals.

✅ Confirmed: PoS and Plasma mechanisms are documented.

✅ Confirmed: Bridge operations rely on cross-chain verification and checkpoints anchored to Ethereum.

✅ Confirmed: The BONE Plasma Bridge suffered a serious security incident in 2025.

✅ Confirmed: The BONE Plasma Bridge was subsequently restored with additional safeguards.

🔴 Contradicted: The claim that the bridge never experienced a significant security problem.

🔴 Contradicted by current official evidence: The broad claim that no Shibarium bridge infrastructure exists today.

But important questions remain:

🟠 Still under investigation: Current transaction volumes.

🟠 Still under investigation: Usage across individual supported assets.

🟠 Still under investigation: Long-term effectiveness of the post-incident security measures.

🟠 Still under investigation: Full technical reconstruction of the 2025 incident and asset-recovery process.

Current conclusion

The evidence supports a more nuanced conclusion than either extreme narrative:

The Shibarium bridge is a real and documented component of the ecosystem, but its history includes a serious security incident that must remain part of any transparent assessment.

Its subsequent restoration is also documented.

Neither fact should be hidden.

That is precisely why SHIB Academy separates:

Existence.
Operation.
Security.
History.
And adoption.

They are different questions requiring different evidence.

Confidence Level

Very High — existence of official bridge infrastructure.

Very High — documented Ethereum ↔ Shibarium architecture.

Very High — documented 2025 security incident and subsequent BONE Plasma Bridge restoration.

Pending further investigation — present usage, economic significance and long-term post-incident security performance.

We don’t follow narratives.

We follow evidence.

Learn first.
Understand deeply.
Decide wisely.

#SHIB #CryptoEducation #Blockchain #SHIBAcademy

[BAPA - Fortuna @SHIB_ACADEMY]

Was There a Serious Bridge Security Incident?

Yes.

This must be included in any neutral assessment.

In 2025, the Plasma Bridge for BONE was affected by a security incident and was subsequently suspended.

On October 14, 2025, Kaal Dhairya officially announced that the Plasma Bridge for BONE had returned online after a security review and additional safeguards.

The official announcement documented:

• BONE bridging restored between Ethereum and Shibarium
• Address blacklisting protections
• A 7-day withdrawal delay for finalizations
• Unit testing and simulations
• Puppynet validation
• Multi-timeframe monitoring
• Review of the changes by Hexens

This historical event changes the way the evidence must be classified.

We cannot accurately say:

“The bridge never had a serious problem.”

That would be contradicted by the documented history.

But neither can we accurately conclude:

“The bridge no longer exists.”

Current official documentation continues to describe bridge operations, and official resources continue to expose the bridge as part of the ecosystem.

Continue below 👇 (4/4)

[BAPA - Fortuna @SHIB_ACADEMY]

How Is the Bridge Supposed to Work?

According to current official documentation, when assets move from Ethereum to Shibarium, the corresponding amount is represented on Shibarium on a 1:1 basis.

During withdrawal, the corresponding representation on Shibarium is burned and the assets are unlocked on Ethereum.

The documentation currently describes:

PoS Bridge

• Ethereum → Shibarium deposits
• Shibarium → Ethereum withdrawals
• Checkpoint-based verification
• Support for multiple token standards

Plasma Bridge

A separate mechanism offering additional security characteristics and a different exit process.

Official documentation also provides detailed instructions for monitoring withdrawal transactions, checkpoints and final settlement on Ethereum.

This demonstrates that a documented cross-chain architecture exists.

But an important distinction remains:

Documented architecture does not automatically prove uninterrupted historical operation or security.

Continue below 👇 (3/4)

[BAPA - Fortuna @SHIB_ACADEMY]

Final Assessment

Based on current official documentation and publicly documented deployment history:

✅ Confirmed: ShibaSwap is documented as operating on both Ethereum and Shibarium.

✅ Confirmed: ShibaSwap v2 contracts are publicly deployed and documented on Shibarium.

✅ Confirmed: The protocol supports swaps and liquidity operations on Shibarium.

✅ Confirmed: Official developer resources provide ShibaSwap SDKs for integration.

🔴 Contradicted: The general claim that ShibaSwap does not exist on Shibarium or was never integrated into it.

But several important questions remain open:

🟠 Still under investigation: Current liquidity depth.

🟠 Still under investigation: Real trading volume.

🟠 Still under investigation: Number of active users.

🟠 Still under investigation: Organic versus incentivized activity.

🟠 Still under investigation: Economic sustainability and fee generation.

Current conclusion

ShibaSwap’s technical presence on Shibarium is supported by official documentation, publicly listed contracts and a documented integration history.

That conclusion is strong.

But it does not justify claiming that ShibaSwap has achieved high adoption or strong economic performance.

Those are separate questions and require separate evidence.

Confidence Level

Very High — existence and documented deployment.
Very High — Shibarium integration.
High — technical functionality described by official documentation.
Pending investigation — economic adoption and usage quality.

We don’t ask anyone to trust our conclusions.

We provide the evidence so everyone can verify them independently.

Learn first.
Understand deeply.
Decide wisely.

#SHIB #CryptoEducation #Blockchain #SHIBAcademy

[BAPA - Fortuna @SHIB_ACADEMY]

🎓 SHIB ACADEMY | INV. #021 — COMPLETE X THREAD

🇬🇧 INV. #021 (1/4)

Is ShibaSwap Really Operational on Shibarium?

After confirming that Shibarium itself is active, the next question is whether its core decentralized exchange is actually functioning on the network.

Official SHIB documentation currently describes ShibaSwap as a decentralized exchange available on both:

• Ethereum
• Shibarium

It documents two versions:

• ShibaSwap v1 — classic AMM architecture
• ShibaSwap v2 — concentrated-liquidity architecture based on Uniswap v3

The official documentation also provides instructions for:

• Swapping tokens
• Providing liquidity
• Managing positions
• Using Ethereum or Shibarium as the active network

This already establishes something important:

ShibaSwap is not merely a historical product. Its current technical documentation explicitly supports operation on Shibarium.

Continue below 👇 (2/4)

#SHIB #CryptoEducation #Blockchain #SHIBAcademy

[BAPA - Fortuna @SHIB_ACADEMY]

Was ShibaSwap Actually Integrated Into Shibarium?

Yes.

The integration was publicly documented in May 2024.

The Shib Daily reported that ShibaSwap had been ported to Shibarium, turning it into a multichain DEX operating across Ethereum and Shibarium rather than replacing its Ethereum foundation.

Current official documentation is consistent with that history.

It now describes:

• Swaps on Ethereum and Shibarium
• v1 and v2 liquidity systems
• Shibarium-specific v2 contract deployments
• SDKs for integrating ShibaSwap functionality into applications

Official developer resources currently list both a ShibaSwap SDK v1 and ShibaSwap SDK v2, supporting swaps, liquidity provision and other DeFi integrations.

This matters because a claim that “ShibaSwap never came to Shibarium” conflicts with both the historical integration record and the current technical documentation.

However, we must distinguish another question:

Existence and technical deployment are not the same as economic success.

Liquidity depth, volume, active traders, fee generation and sustainable adoption must be measured separately.

Continue below 👇 (4/4)

[BAPA - Fortuna @SHIB_ACADEMY]

Can We Verify Real Smart Contracts?

Yes.

Official SHIB documentation publishes the deployed ShibaSwap v2 contract addresses for both Ethereum and Shibarium.

For Shibarium, the documented contracts include:

• Factory
0x2996B636663ddeBaE28742368ed47b57539C9600

• NonFungiblePositionManager
0x8Ab443Be082105AE444337b49E1FD8D23c2631Dc

• Quoter
0x9dab43E3DbEF5241f491818077E12E21b02D7035

• SwapRouter
0xd0d020fd91aB1Ab2CbbdbfBde2Fd9C5e4D5896b8

• V2Migrator
0xf2eA936961c29d6737bF7DF61cC3134684447045

These addresses are significant because they move the investigation beyond branding or interface screenshots.

They provide concrete blockchain objects that can be independently inspected.

The documentation also describes the underlying v2 architecture: Factory, pools, router, quoter and concentrated-liquidity NFT positions.

What this proves

✅ A documented ShibaSwap v2 deployment exists on Shibarium.

✅ Concrete contract addresses are publicly provided.

✅ Users and developers can independently inspect those contracts.

What it does not prove

❌ That every pool has meaningful liquidity.

❌ That every trading pair has organic activity.

❌ That every user interface function is free from operational issues.

Continue below 👇 (3/4)

[TheCryptoBasic @thecryptobasic]

#ShibaInu has achieved another real-world adoption milestone in the United Arab Emirates following the launch of cryptocurrency payments at Dubai Duty Free.

In a significant development, Dubai Duty Free, one of the world’s largest airport retailers, has officially integrated Crypto. com Pay. Following the move, Dubai Duty Free became the first airport retailer in the Middle East to introduce the regulated digital payment solution.

Notably, eligible UAE residents can now use Shiba Inu and 29 other supported cryptocurrencies to pay for purchases at Dubai Duty Free’s physical stores in Dubai International Airport (DXB), Dubai World Central (DWC), and through its online store.
https://t.co/idAbcSoHY3