HomeNewsShiba Inu Faces Increased Scam Activity: Essential Security Tips for Investors

Shiba Inu Faces Increased Scam Activity: Essential Security Tips for Investors

- Advertisement -
  • Shiba Inu team warns community of scams, highlighting fake tokens claiming affiliation with Shibarium developers.
  • Scammers exploit Shiba State and Canine code, falsely using shib.io to lend credibility to fraudulent schemes.

The Shiba Inu team has issued a crucial security update to its community, emphasizing vigilance against ongoing scam operations targeting its members. Due to Shiba Inu’s extensive and trusting community, it has become a frequent target for fraudulent schemes. The team, including the admin known as Da Vinci, routinely informs the community about these threats.

Recently, community member @Digarch posted a warning on X (formerly Twitter) about new token scams specifically designed to deceive Shiba Inu investors. The warning, originally shared in a Discord group, highlighted how these fraudulent tokens pretend to be associated with Shiba Inu and Shibarium developers. 

The scammers manipulate Shiba State and Canine code to create a semblance of legitimacy, even including the shib.io web address in their promotional materials to falsely enhance their credibility.

“They have even resorted to posting the shib.io address in their videos to lend false credibility to their schemes,” the post read.

Despite the decentralized market of Shiba Inu’s exchange, which prevents the team from outright banning these deceitful tokens, Da Vinci and the team have encouraged investors to conduct thorough research before investing in new tokens. This caution is essential to prevent falling victim to these elaborate scams.

Moreover, another area of concern involves the TREAT tokens, part of the Shiba Inu ecosystem, which are yet to be launched. Opportunistic scammers have already begun circulating fake TREAT tokens, attempting to capitalize on the anticipation of the community.

Da Vinci expressed a strong stance against these scammers, urging the community to stay informed and safeguard their investments.

In the midst of these security concerns, Shiba Inu has experienced a resurgence in market activity. The cryptocurrency’s daily trading volume has increased by 37% in the last day, indicating a renewed interest from investors. Currently, Shiba Inu holds the position as the 11th-largest cryptocurrency by market capitalization, just behind Toncoin and Cardano.

As of the latest data, the price of SHIB has seen a slight increase of 0.54% over the past day, though it shows a minor decline of 2.08% over the past week. On a monthly basis, however, the price shows an upward movement of 9.6%, as reported by CoinMarketCap.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628