Scammers have now taken advantage of upcoming projects in the Shiba Inu ecosystem to scam community participants, sparking reactions from its members. The @susbarium X page, which issues scam alerts, posted on social media on scammers promoting fake SHI stablecoins, TREAT tokens, and a malicious SHIB Magazine page.
Scammers Promoting Fake Tokens
The Shiba Inu ecosystem has expanded significantly from being just a meme token to having its own layer-2 network. Developers are now introducing new projects to bolster the ecosystem’s utility, some of which are the SHI stablecoin and TREAT token. While these tokens are part of the Shiba Inu ecosystem, they have not yet been officially released for trading.
However, Shiba Inu’s lead developer, Shytoshi Kusama, recently exposed a fake account promoting fake TREAT tokens to target unsuspecting investors. The deceptive account seems particularly trusted, as it is currently being followed by Kusama.
“Looks like you bought the account so it showed I followed you,” Kusama said, showing the extreme lengths the scammers went to promote the fake tokens. Furthermore, some scammers have created counterfeit sites that look nearly identical to the real SHIB Magazine page. The fraudsters trick unsuspecting users on these spoofed websites by requesting them to connect their wallets to mint fake NFTs. These wallets are then drained immediately after connecting them to the websites.
What’s Next For Shiba Inu?
Con artists have frequently created fake social media profiles of Shiba Inu developers to promote scams, but community members have been warned to only use links from official sources and to always stay vigilant against false claims. It would seem some eager Shiba Inu community members have already fallen for some of the scams. Data from Etherscan shows there are now more than 1,000 holders of the fake TREAT token and over 300 holders of the fake SHI stablecoin. According to Coinmarketcap, the fake treat token is now trading at $0.0004174. SHIB is now trading at $0.000008377. Although the crypto is still up by 20% in a 30-day timeframe, it is currently down by 3.6% in the past 24 hours.
According to crypto analyst Captain Faibik, Shiba Inu could spike up to 200% by the middle of next month. Shibarium, on the other hand, was recently recognized as one of the top five most active networks on the NOWNodes platform.
Hot Take
Scammers have found a way to exploit the growing popularity of the Shiba Inu ecosystem by promoting fake tokens and creating counterfeit sites to deceive unsuspecting users. Community members are urged to only engage with official sources and to stay vigilant against false claims to protect themselves from falling victim to these scams. The ecosystem’s lead developer also emphasizes the need to be cautious and adhere only to official announcements when considering new projects in the Shiba Inu ecosystem.
By
By
By
By