Major Warning by the Shiba Inu (SHIB) Team About Another Dangerous Scam: Details

TL;DR

• Scammers are impersonating SHIB developers to promote fake tokens. Users are cautioned to verify sources and avoid sharing personal info.
• Fraudsters exploit the Shiba Inu community due to its large, active base, especially during market rallies.

‘Urgent Shibarmy Alert’

Shibarium Trustwatch – an X account dedicated to exposing scams in the Shiba Inu ecosystem and protecting users – sounded the alarm again. The team claimed that bad actors use Shytoshi Kusama’s name (the lead developer of the meme coin project) to promote fraudulent tokens in fake groups. The community is advised to stay away from such deceitful people and not share any personal information.

“Always verify the authenticity of any group or token before participating. Stay vigilant and protect yourself and others from these scams,” the warning reads.

This is not the first alert the team has issued this month. Two weeks ago, it cautioned users to avoid interaction with dubious individuals who present themselves as experts and offer services with SHI and TREAT.

The SHIB team reminded that those meme coins are not live yet, adding that users should follow the official X accounts of Shiba Inu, Shytoshi Kusama, Kaal Dhairya (another prominent developer), and Treat for more updates on the matter.

SHI and TREAT aim to improve the Shiba Inu ecosystem’s utility and stability. The former is an upcoming algorithmic stablecoin designed to maintain a consistent value and counterbalance market fluctuations.

TREAT, on the other hand, is a reward token with diverse uses. It will support SHI by providing liquidity, replace BONE as the reward token for ShibaSwap, and take part in the Metaverse and various Shiba Inu-themed blockchain games.

Shortly after, the team warned that fraudulent people or entities hype up the ecosystem to gain the victims’ trust and later “push random tokens they’ve been paid to promote.”

“Also, there are accounts that gain the trust of ShibArmy, build a following, and then sell those accounts to scammers. Always stay vigilant, do your research, and protect yourself, Shibizens,” the statement says.

Why This Community?

The Shiba Inu community is often attacked by scammers due to its vast size. It consists of millions of investors, developers, and proponents and is very active on social media platforms. 

Fraudsters take advantage of that, impersonating official projects or influencers and offering fake giveaways to con victims. 

It is worth noting that crypto scams tend to rise when the market is in a bull run mode. The rallying prices of many leading digital assets create an influx of newcomers who may not be aware of the dangers in the space.

Recall that bitcoin (BTC) recently hit an all-time high of over $98,000, while the global market capitalization of the industry is well above $3.3 trillion. Despite its shaky performance in the past week, SHIB has also recorded a notable resurgence. Its valuation has risen approximately 30% in the last month.