Shiba Inu Community Warned Against This Growing Scam

Prominent voices in the Shiba Inu community have issued warnings against the rise of honeypot scams targeting unsuspecting SHIB holders.

The return of bullish momentum in the crypto market has led to a proliferation of scams targeting investors. The Shiba Inu community is not excluded from such attempts but rather remains a highly targeted group, given the millions of users supporting the blockchain project.

Amid such attempts to rob unsuspecting users of their money, leading voices in the Shiba Inu community regularly publish warnings for newcomers to beware of possible risks. This week, Shiba Inu influencer Shib BPP released a post warning other holders of potential honeypot scams.

As the name implies, honeypots are opportunities that seem to be as attractive as honey but only to swindle victims. Shib BPP mentioned that such scams come in different shapes and sizes, including bogus media sites and social media handles. Victims may be promised “extravagant returns,” only for the masterminds to fail to return their money.

#SHIB be careful as more of these appear. Honeypot scams are clever traps designed to fool crypto investors. They include bogus websites and social media accounts, as well as actors that falsely advocate schemes. To avoid these scams, investors should undertake extensive… pic.twitter.com/fxnAOLgn6G

— $SHIB BPP (@ShibBPP) February 8, 2024

Diligence is Required, Especially as Bull Run Approaches

The prominent Shiba Inu influencer had some words of advice for newcomers to stay away from such fraudsters. Shib BPP recommends extensive research and taking time to confirm the genuineness of websites that users interact with.

Some bogus scam websites are designed to resemble the website that the user wants to visit and may even have a similar URL. However, users end up losing funds by connecting their wallets and signing a transaction that enables the bad actors to siphon their wallets. Especially as the crypto market embarks in a bull market, such websites might become numerous and target users even through social platforms like X.

The Shiba Inu influencer also recommended that users only choose reputable exchanges. Shiba Inu (SHIB) and other ecosystem assets, such as those built in the Shibarium, are becoming more available on leading crypto exchanges.

Meanwhile, blockchain security firm Certik shared the latest warning post by @ShibBPP, underlining that it has come at a crucial time for the Shiba Inu community. SHIB is trading at $0.000009338 at the time of writing, a 4% increase in the past seven days.

Source