Shiba Inu: Developers warn traders of scammers activities

Shiba Inu

TL;DR Breakdown

  • Shiba Inu developers warn traders of scammers activities.
  • Developers list out some scamming methods.
  • Shiba Inu icurrently performing poorly.

The crypto sector plays host to a wide range of digital assets that traders can make profits from in the market. These assets have a strong development backing and are always on course to make massive gains. But while traders are always trying to make profits in the market, illicit actors are determined to steal the profits from them. In a new statement warning the holders of high-flying meme coin, Shiba Inu, the developers have told them to be aware of impostors.

Shiba Inu developers list out scam methods

The statement released by the developers of the token mentioned that the scams are mainly aimed at traders who are investing in Shiba Inu. The warning was sent out on Twitter as the development team of the token gave out the various methods that scammers have been using to gain access to traders’ SHIB tokens. The warning talked about different fake Shiba Inu groups that have been created all over social media.

The scammers’ modus operandi is that they will share the Telegram link to the fake page on various social media. After that, they would create fake users in the group and add unsuspecting traders looking for the legit group. The tweet also mentioned that the scammers are generally available to answer questions about Shiba Inu, taking suspicions away from them.

Shiba Inu is performing poorly

Shiba Inu has been doing well in the market in the last few weeks, but the activities of scammers have marred its efforts. These scammers tend to target the high profile players who intend to invest big in the digital asset. The statement also mentioned that most traders lured into the groups comprise more of those active on the microblogging platform Twitter and messaging platform Telegram.

Most traders were attracted by people faking their profiles to look like verified members of the development team. Also, the team has mentioned that there is no giveaway in progress as the scammers rely on that to lure in more people. The developers have warned traders to be careful with storing their wallet keys and other essential details needed to enter their accounts.

With the resounding success that SHIB has enjoyed, we have seen the influx of different kinds of meme tokens across the market. Although SHIB made a spirited surge to touch close an all-time high of $0.000086 on October 28, the coin has not performed as remarks as before in the last few days. The team behind Shiba Inu also has another token, Doge Killer, which has seen a massive 130% rise since it entered the market.

Aside from its enormous rise to the top, most of the top crypto exchanges have proceeded to list Shiba Inu. The mainstream adoption of the token came about its massive rise immediately after it entered the market some months back. A famous story is that of a trader who made millions after investing $8,000.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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