- 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.
#SHIBARMY extreme caution is advised in these volatile times pic.twitter.com/zZg1NctVzm
— Digarch*shib | Shibarium is live (@Digarch) June 2, 2024
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.
