Important warning from the Shiba Inu (SHIB) team about another dangerous scam: details

TL;DR

Scammers impersonate SHIB developers to promote fake tokens. Users are cautioned to verify sources and avoid sharing personal information. Scammers exploit the Shiba Inu community because of 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 are using the name of Shytoshi Kusama (the main developer of the meme coin project) to promote fraudulent tokens in fake groups. The community is advised to stay away from such deceptive people and not to share any personal information.

“Always verify the authenticity of any group or testimonial before participating. Be 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 warned users to avoid interacting with dubious people posing as experts and offering services with SHI and TREAT.

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

SHI and TREAT aim to improve the utility and stability of the Shiba Inu ecosystem. The first is an upcoming algorithmic stablecoin designed to maintain a consistent value and counter market fluctuations.

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

Soon after, the team warned that fraudulent individuals or entities rig the ecosystem to gain the trust of victims and later “push random tokens that they’ve been paid to promote.”

“Also, there are accounts that gain ShibArmy’s trust, follow and then sell those accounts to scammers. Always be vigilant, do your research and protect yourselves, Shibizens,” the statement said.

Why this community?

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

Fraudsters take advantage of this, impersonating official projects or influential people and offering fake gifts to scam victims.

It is worth noting that crypto scams tend to increase when the market is in a bull run mode. The recovery 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 reached an all-time high of more than $98,000, while the industry’s global market capitalization is well above $3.3 trillion. Despite its shaky performance last week, SHIB has also registered a remarkable resurgence. Its valuation has increased by approximately 30% in the last month.

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