Shiba Inu developer uncovers token forgery scam

Shiba Inu

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  • Shytoshi Kusama, Shiba Inu’s chief developer, called out a scam involving fake SHI stablecoin and TREAT tokens.
  • An individual spread false information about these tokens, attracting over 5,000 views to their article.
  • Kusama quickly responded, debunking the misinformation and clarifying the reality of the situation.

In a recent development within the cryptocurrency community, Shytoshi Kusama, the chief developer of the Shiba Inu project, has actively responded to misleading promotions of counterfeit tokens. The tokens in question, the SHI stablecoin and the TREAT Token are significant upcoming additions to the Shiba Inu ecosystem. These tokens, however, have become the target of scammers, prompting swift action from the Shiba Inu team.

An individual, “X user,” was identified as promoting false information about these tokens. They released a statement enticing the public to learn more about these allegedly new releases, which included SHIB, the TREAT token, and the SHI stablecoin. The article gained traction with over 5,000 views, during which the contract addresses for these fake tokens were circulated.

Shytoshi Kusama’s prompt response, just days after the initial post, played a crucial role in dispelling the rumors. He clarified that the account had spread inaccurate details about the tokens and their contract addresses. This incident highlights the risks associated with following unofficial sources for cryptocurrency investments.

Impact and risks of crypto scams

The situation took a concerning turn when it was suggested that the scammer might have acquired the account from its original owner, using it as a platform to target unsuspecting investors. This strategy, leveraging the reputation of recognized figures in the crypto community, poses a significant risk to investors, particularly those new to the market.

The deceptive tactics have had some impact, as evidenced by over 300 holders of the fake SHI stablecoin and more than 1,100 holders of the counterfeit TREAT token, as per the latest data from Etherscan. These numbers are a stark reminder of the ease with which investors can be misled in cryptocurrency’s rapidly evolving and often opaque world.

Shytoshi Kusama has condemned these deceitful practices, labeling any attempt to swindle individuals as “shameful.” He emphasizes the importance of relying solely on official channels for information regarding SHIB investments. This incident serves as a critical reminder for investors to exercise caution and verify information through reputable sources.

The timing of this scam coincides with a period of recovery in the crypto market, accompanied by growing interest in the Shiba Inu ecosystem. SHIB’s price has significantly increased 25% over the past month, reaching a peak of $0.0000095.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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