Shiba Inu supporters, are you in the right room?

Shiba Inu

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TL;DR Breakdown

  • Scammers impersonate SHIB admin to trick the users.
  • SHIB teams call upon all users to be on the lookout as fraudsters compromise them.
  • Crypto scams have taken an upward trajectory.

Shiba Inu developers have warned the public to be wary of an ongoing scam. They issued an alert on Twitter. The team said the hoax is targeting investors interested in Shib tokens. 

The team informed its two million Twitter followers of the various tactics used to defraud them. They went on to give details to look out for when interacting with strangers on Telegram. The scammers are now impersonating the admin of official accounts related to the SHIB. They are commenting on SHIB-related posts.

To win people’s trust, the perpetrators have been lying to the dog coin supporters. The scammers said they would reward people with bonus tokens, including other gifts. SHIB investors have been advised not to share their wallet keys with unknown persons. Through a video that was under one minute, the SHIB team addressed this ongoing scam. They noted that a suspicious telegram group under their name is being shared across social media. 

The team said the scammers are targeting hashtags like #shib, #leash, #shibaswap, #bone, and #shibarmy. They noted that Shiba Inu is not planning any big event soon. They further said that the giveaways were false.

Crypto scams on the rise

The popularity of digital assets across the globe is undeniable. Investors are making huge profits every day. While digital assets offer users autonomy, they can be targeted by fraudsters. Recently crypto scams have been on the rise. It is so because cryptos lack the authority to govern their functioning.

The rising demand for digital assets has been rising. The value of cryptos has not been left behind either. For these reasons, they have become a target of scams. Investors are a target for fraudsters who are looking to make some easy money. They will exploit unwary victims to get rich fast. Several users have fallen victim to fraud. 

Earlier this year, a Coinbase user got swindled over $11 million.

According to reports, the user opened a phone notification that was similar to one for Coinbase. The individual lost the money through this fraud scheme that turned out not to be Coinbase.

Shiba Inu is slipping

The Dogecoin competitor was established in August 2020. ShibaSwap is the decentralized exchange of the meme coin. SHIB presently has a market cap of about $25 billion. It has risen by over 60,000,000 percent since last year.

Shiba Inu has attained $0.000088 in October. At the end of last week, it was trading at $0.000077. It dropped by more than 10 percent on Thursday. As of this writing, it has tumbled to $0.000043. The coin’s fall has been linked to a whale transferring over $2 billion worth from their crypto wallet.

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Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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