Important warning for Shiba Inu (SHIB) users.

TL;DR

The SHIB team warns of an increase in scams exploiting Ryoshi’s name and asks users to be vigilant. Shiba Inu founder Ryoshi passed the torch to Shytoshi Kusama who plans to hand over control to the community soon. Not everything is as it seems

Shibarmy Scam Alerts (the X account focused on protecting SHIB users from various threats) warned that there is a growing number of bad actors misusing Ryoshi’s name to attract attention and thereby scam members of the ecosystem. Ryoshi is considered the founding pseudonym of Shiba Inu, and his identity remains unknown.

“After unveiling the roadmap, Ryoshi made it clear that there would come a time when they would quietly step away, leaving the project entirely in the hands of the community. That time has now passed, and as promised , Ryoshi has left the scene without further communication,” the task force explained.

The team behind Shibarmy Scam Alerts stated that misuse of Ryoshi’s identity can cause crucial financial damage:

“We urge all ShibArmy members to remain vigilant, be alert and question anything that looks suspicious. Always verify information through official channels and if you find any fraud or misuse of the Ryoshi name, please report it immediately .

Last month, the team issued another major warning, arguing that there are many wrongdoers asking users to sync or rectify their wallets only to deplete their funds afterwards. Community members are advised to stay away from mysterious individuals who request such actions. Sharing passwords and private keys is also impossible, as legitimate platforms would never ask for this information.

Ryoshi’s successor

As mentioned above, the popular Shiba Inu (SHIB) meme coin was launched by an anonymous person or group of people using the pseudonym Ryoshi. The project was created as an experiment in decentralized community building, but it became massively successful in the following years. Currently, SHIB is among the most trending cryptocurrencies with a market cap of approximately $7.8 billion.

Ryoshi didn’t stay at the helm for long, passing the lead to another anonymous developer with the moniker of Shytoshi Kusama. The latter participated in an interview in August, with a mask and modulated voice. They said they do not intend to reveal their identities, maintaining that SHIB’s power is not based on a few individuals.

Kusama also promised to step away at the end of the year and hand over control to the community, doubling down on the vision for true decentralization in the crypto space.

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