The creators of Shiba Inu (SHIB), a meme cryptocurrency, have issued a public alert 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 Shiba Inu victims.
“A phoney Shiba Telegram group is being spread through all social media,” the alert said. Scammers establish bogus users by impersonating official accounts. Scammers respond to generic messages.”
Unscrupulous actors are active on social media to prey on unsuspecting investors
While Shiba Inu draws aspiring crypto millionaires and billionaires, unscrupulous actors have increased their efforts on social media sites like Twitter and Telegram to prey on unsuspecting investors. Impersonating official accounts and using hashtags like #shib #shibarmy #leash #shibaswap and #bone are some of the most prevalent techniques used to contact potential victims.
In addition, 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, and joining and following fraudulent social media profiles as a general rule.
Doge Killer (LEASH)
Following Shiba Inu’s breakthrough, a slew of dog-themed currencies have 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% increase in value.
A growing community of investors has put SHIB on some of the most famous crypto exchanges, such as Binance.US and Crypto.com, in addition to the token’s mainstream popularity.
The Dogecoin (DOGE) spinoff’s popularity stems from a long bull market phase in which small-time investors made large returns. A 35-year-old grocery warehouse manager’s $8,000 investment in early 2021 is now worth more than a million dollars, according to reports.