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SHIB investors have been cautioned about scammers faking official accounts and generating false users, according to the team.
The creators of Shiba Inu (SHIB), a joke cryptocurrency, have issued a public warning about ongoing web frauds aimed at altcoin investors interested in SHIB tokens.
The proactive scam alert came in the form of a tweet detailing the various methods used to dupe unsuspecting victims from the Shiba Inu community.
Stay Alert & Safe #ShibArmy!
We’ve been made aware of a recent scam, traveling social media, and other communication platforms.
Here’s a quick video to provide more information on the matter. pic.twitter.com/UOh50WsJSQ
— Shib (@Shibtoken) November 21, 2021
“A phoney Shiba Telegram group is being spread over all social media,” the alert continued. Scammers create bogus users and spoof official accounts. These con artists respond to generic posts.”
While Shiba Inu attracts aspiring crypto millionaires and billionaires, bad actors have increased their efforts on social media channels such as Twitter and Telegram to lure naïve investors. Impersonating official accounts and targeting hashtags like #shib #shibarmy #leash #shibaswap and #bone are some of the most prevalent ways used to contact potential victims.
Furthermore, Shiba Inu’s scam alert highlighted that the community is not offering any kind of promotions including airdrops, bonuses, giveaways or gifts. As a general rule, investors are expected to refrain from sharing wallet keys, credentials or joining and following fake social media accounts.
Taking inspiration from Shiba Inu’s success, numerous dog-themed tokens have started to flood the crypto marketplace. Most recently, SHIB hit an all-time high of $0.000086 on Oct. 28 but has been struggling to keep up its value.
Shiba Inu’s development team has also created and distributed Doge Killer (LEASH), a token that has lately seen a 130.3 percent increase in value.
A growing community of investors has placed SHIB on some of the most popular crypto exchanges, including Binance.US and Crypto.com, in addition to the token’s mainstream adoption.
The euphoria around the Dogecoin (DOGE) spinoff can be attributable to a long bull market phase in which small-time investors made large returns. According to Cointelegraph, a 35-year-old grocery warehouse manager’s $8,000 investment in early 2021 is now worth over a million dollars.