Shiba Inu Exposes New Scam Targeting SHIB Holders

The Shiba Inu ecosystem team has issued a new warning to the community regarding the widespread launch of illicit tokens on ShibaSwap.

Scammers have been deploying a series of attacks within the Shiba Inu community to mislead unwary investors.

These malicious actors focus on the SHIB community due to the heightened engagement the community offers. However, the Shiba Inu ecosystem team has continued to expose these scam tactics to keep investors safe.

Shiba Inu Exposes New Scam Tactics

In a recent warning posted on Discord by DaVinci, he warned that deceitful individuals are launching illicit tokens claiming affiliations with the official ecosystem team.

DaVinci’s warning was shared by top Shiba Inu community member Digarch on X yesterday.

#SHIBARMY extreme caution is advised in these volatile times pic.twitter.com/zZg1NctVzm

— Digarch*shib | Shibarium is live (@Digarch) June 2, 2024

The Shiba Inu Discord admin pointed out that these malicious actors are no longer using the routine Ryoshi Research mediums to give false credibility to these illicit projects. Instead, they have devised new strategies involving exploiting the Shiba State and the Canine code.

Furthermore, DaVinci said these scammers also add shib.io, the link to the official Shiba Inu ecosystem website, to their videos to make their hoax projects appear more legitimate.

Notably, the Discord admin urged community members to always conduct due diligence before investing in any token. DaVinci noted that the team has not launched the TREAT token yet, adding that any project claiming to be affiliated with it is part of a plot to defraud unsuspecting investors.

Why Shiba Inu Hasn’t Banned Fake Tokens on ShibaSwap

According to DaVinci, the team would have banned illicit tokens deployed on Shiba Inu’s official decentralized exchange (DEX), ShibaSwap.

However, he admitted that ShibaSwap’s decentralized nature makes it impossible for a central authority, like the official Shiba Inu ecosystem team, to ban illicit tokens on the platform.

Notwithstanding, DaVinci said the team will continue to voice its disapproval against the unethical practices deployed by scammers.

DaVinci’s warning comes days after Shiba Inu’s marketing lead Lucie cautioned SHIB holders against engaging with celebrity-led meme coin projects. For context, several top celebrities, including media personality Caitlyn Jenner and Nigerian artist Davido have been embroiled in rugpull meme coins that have led to investor losses.

Source