Shiba Inu team issues scam alert to SHIB investors

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 continuing web frauds aimed at altcoin investors interested in SHIB tokens.

The proactive scam tip came in the form of a tweet that detailed the numerous ways used to defraud naïve Shiba Inu victims.

“A phony Shiba Telegram group is being spread overall social media,” the alert said. Scammers establish bogus users and spoof official accounts. These con artists respond to generic posts.”

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While Shiba Inu draws aspiring crypto millionaires and billionaires, unscrupulous 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, according to Shiba Inu’s fraud notice, the community does not offer any type of promotion, such as airdrops, bonuses, freebies, or gifts. Investors should avoid exchanging wallet keys, passwords, or joining and following fraudulent social media profiles as a general rule.

Following Shiba Inu’s breakthrough, a slew of dog-themed currencies has begun to appear on the crypto market. SHIB recently touched an all-time high of $0.000086 on Oct. 28 but has struggled to maintain 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 percent increase in value.

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.