This thread is to address what happened before the community took over.
When Shibecoin was launched two people were involved. Loq and Energion. Loq went 'public' with the youtube videos and twitch, and it was Energion who was working on the wallet. A small amount was pre-mined which was a fair amount for a new coin release. As time went by Energion hyped with promised 'Shibedends' website, which in the end never came to fruition. Loq said that Energion was stalling to lower the price and shake out investors. He succeeded and after 2 days of the network being stuck, it was fixed with a wallet update. They couldn't mine the 278million originally set for PoW stage, so they forced it at around 250million.
From there Energion was 'fired' or just left with loq at the helm. At this point, the community had a website which just read the text 'poop', no explorer and no consistency with social accounts. Along steps up a guy called Bitsta. Fast forward and Mr Frystikken, along with Bitsta ask loq to resign and hand control to bitsta over an anti-semetic (you really cant make this up) comment on twitter. Loq just gave everything to Bitsta bar the IRC channel. Just like that. It was very strange.
New wallet gets released. Pure PoS and 300 million coins, an extra 50 million instamined. Few days later Bitsta just came in and said he quit. Left all the investors out to dry. He released a ANN with explorer and multipool, none of which worked. Loq then came back in and declared shibecoin dead and someone to step up. I did, with a small team of investors who cared about shibecoin and wanted to fix the mess. In less than 2 weeks we had website, explorer and a solid foundation built. Loq then wouldnt give control of the IRC channel. Myself and the investors called upon freenode staff who were resolving as ongoing issue. In the end, loq finally gave us control.
What happened with v.2Bitsta had a guy named rainbowdash/nik0lay who did made the wallet. The pair of them have been going round communities in need, helping them release a new wallet and then generating instamine to dump on them. They went on board with diemcoin and we also about to dump. Diem is now ran by a respectable team of people, but they had multiple issues with bitsta. Last I saw was libertycoin, in which they were making a new wallet.
I asked bitsta where the instamine went for shibecoin. He said to me that he didnt know, but when I got the explorer going, I saw where it was generated. It was divided up between Bitsta, Nik0lay, loq and Frsytikken. With Nick0lay/Bitsta controlling the majority. The coin swap for the new wallet was manual, but BryonP of
https://www.atomic-trade.com/ setup shibe.me which automated the process. He was given lots of shibe which apparently, he kept for himself. On fathers day this year the biggest shibe dump was done. Looking at the explorer this was done by Bitsta/Nik0lay when Frystikeen was trying to pump the price up. Frystikken was at that point out and he dumped his coins to move on.
Where is he now? Bitsta has a new project, an IPO this time
https://bitcointalk.org/index.php?topic=714793.0 and honestly... I cant believe the money thrown at it.
Loq has now given back control of shibecoin and he has moved onto start another coin. Nik0lay isnt anywhere to be seen but I could guess he proxies through bitsta with the crypto, RootCoin.
Lots of investors of Shibecoin have been left battered. In Bitsta's defense he gave control of the github repo over, but the promised code for mp and explorer were never to be handed over. I was fobbed off multiple times and went ahead without him. When I saw the chain, I could see the extent of the instamine. The new community has now banded together and we have a decent team working on the recovery. Instead of starting our own coin in this already saturated market, we are using the Shibe network which, is now going very strong. If you made it this far, thanks for reading. Some of the actions seem petty like control of IRC channel etc, but the reality is lots of people lost a lot of money due to these people.
They go around and make coin after coin, with only the self-interest of filling their own pockets. A free market certainly allows this and a free market is great for other reasons. But people should be aware that most of the lastest bandwagons are nothing more than a vehicle for the devs to take their bitcoin.
With now shibecoin at a floor of 4-5 satoshi, the instamine has been dumped. We will now continue to push forward and put this past behind us.
What is the current situation?
We have taken full control of the previous devs and it is in control of the community. We have multiple trustees protecting investors by keeping the coin alive, and not just reliant on one person. Shibecoin is 100% community controlled.
Please visit our new ANN thread for news and updates! 
https://bitcointalk.org/index.php?topic=724624
