Crypto

Shiba Inu Team Warns SHIB Investors of Scam

A scam alert has been sent to SHIB investors about scammers that use fake accounts and impersonate officials.

In a public warning, Shiba Inu’s team has expressed concern over ongoing online scams that primarily target altcoin investors interested in this meme cryptocurrency.

Shiba Inu community members were alerted to the scam through a tweet that detailed how these tricks have been used to cheat unsuspecting victims.

An online warning further stated, “A fake Shiba Telegram group is spreading across multiple social media platforms.”. These scammers create fake accounts by impersonating official accounts. In these instances, the scammers respond to general posts.”. In addition, Shiba Inu’s scam alert stated that the community does not offer any promotions like airdrops, bonuses, and giveaways. Investing generally involves refraining from exchanging credentials, wallet keys, or joining and following fake social media accounts.

Shiba Inu attracts aspiring crypto millionaires and billionaires, but fake investors have increased efforts on platforms such as Twitter and Telegram, targeting unwary investors. Methods of contacting potential victims include impersonating official accounts and using different hashtags including #shib, #shibarmy, #shibaswap, #leash and #bone.

As a result of Shiba Inu’s success, a number of tokens dog-themed have entered the crypto market. Recent highs for $SHIB hit $0.000086 on Oct. 28 but the stock has struggled to keep up its value since then. Shiba Inu’s development team has also created and distributed Doge Killer (LEASH), a token that has lately witnessed a 130.3% increase in value. $SHIB has also been listed on some of the most famous cryptocurrency exchanges, including Binance.US and Crypto.com, by a growing community of investors.

The hype 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 $1 million.

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