The Shiba Inu community is on high alert as malicious actors attempt to exploit the popular meme coin’s branding for fraudulent activities, particularly fake airdrops. Vet Kusama, a member of the Shiba Inu community, has issued a warning about a fraudulent Shibarium tech channel promoting a non-existent token distribution.
Shiba Inu Community Faces New Scam Threat
Concerns over fraudulent schemes surrounding Shiba Inu have prompted community members to be extra cautious when connecting their wallets to decentralized apps from unverified sources. Vet Kusama’s recent warning highlights the presence of a malicious Shibarium tech channel, enticing individuals with promises of an airdrop. It is crucial to note that Shiba Inu has not authorized any such distribution.
I just came across the fake shibarium tech channel. Please remember “NO AIRDROP”. Stay safe #ShibArmy pic.twitter.com/T6VzaQ8rHE
— Vet KUSAMA ™ (@vetkusama) October 16, 2023
This warning comes on the heels of a previous alert by Vet Kusama, who uncovered a compromise of the SHIB Telegram admin account. Hackers had exploited this breach to promote a fictitious token distribution. Fortunately, the Shiba Inu team swiftly addressed this issue, bolstering the account’s security with password changes and the implementation of two-factor authentication (2FA) to prevent future unauthorized access.
Beware Of Deceptive Practices
Members of the Shiba Inu community are not the only ones sounding the alarm. LUCIE, Shibarium’s Marketing Strategist, has cautioned that bad actors may attempt to leverage the meme coin’s name and the logo of Shibarium to promote their fraudulent projects. As a protective measure, people are advised to conduct thorough due diligence before participating in any offerings associated with Shiba Inu.
Also Read: Shiba Inu’s Team Warns About TREAT Token
Shibarmy Scam Alerts, an account dedicated to safeguarding the community from scams, has emphasized the need for extra vigilance, especially when connecting cryptocurrency wallets to decentralized applications from unknown sources. Scammers can be adept at creating Dapps that closely mimic those associated with Shiba Inu, Bone ShibaSwap, Doge Killer, and other memecoins, making it essential to verify the legitimacy of the platforms and apps being used.
Finally, Shiba Inu developer Kaal Dhairya has advised traders to steer clear of SHIB-related token Calcium (CAL). This token was specifically created for minting and renouncing BONE and is not expected to have any future value. Users should exercise caution and be wary of assets with uncertain utility.
Remaining Cautious In The Crypto Space
The Shiba Inu community remains on high alert, demonstrating the importance of vigilance and skepticism in the crypto world. As scams and fraudulent schemes continue to evolve, it is incumbent upon users to verify the authenticity of any offerings, especially those related to popular meme coins like SHIB.