The Shiba Inu ecosystem team has recently alerted its community about a new wave of scams targeting SHIB holders through illicit tokens on ShibaSwap. Scammers are exploiting the high engagement levels within the Shiba Inu community, deploying deceptive tokens and misleading unwary investors.
New Scam Tactics Unveiled by Shiba Inu Team
Recently, DaVinci, an admin on the Shiba Inu Discord, issued a warning about these fraudulent activities. He highlighted that scammers are now launching tokens falsely claiming affiliation with the official Shiba Inu ecosystem. Unlike previous tactics, which involved using Ryoshi Research mediums to gain credibility, these malicious actors have adopted new strategies.
They now exploit the Shiba State and Canine code, making their projects appear more legitimate by incorporating links to the official Shiba Inu website, shib.io, in their promotional videos.
DaVinci emphasized the importance of due diligence for investors, urging them to verify the legitimacy of any token before investing. He clarified that the TREAT token has not yet been launched, and any project claiming to be affiliated with it is a scam.
Challenges in Banning Illicit Tokens on ShibaSwap
DaVinci also addressed why the Shiba Inu team hasn’t banned these illicit tokens from ShibaSwap. Due to the decentralized nature of the platform, there is no central authority that can enforce such bans. Despite this limitation, the team remains committed to exposing and voicing disapproval against these unethical practices.
The warning from DaVinci follows a recent caution from Shiba Inu’s marketing lead, Lucie, who advised SHIB holders to be wary of meme coin projects endorsed by celebrities. Notably, several high-profile personalities, including Caitlyn Jenner and Nigerian artist Davido, have been involved in rug-pull schemes that resulted in significant investor losses.
Protecting the SHIB Community
The Shiba Inu ecosystem team continues to work diligently to protect its community from scams. They encourage members to stay informed and conduct thorough research before making any investment decisions. The increase in fraudulent activities highlights the importance of vigilance in the rapidly evolving crypto space.
Stay Vigilant
The Shiba Inu team urges all community members to conduct thorough research before investing in any token and to remain cautious of fraudulent projects.
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