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Shiba Inu Warns Community About Copycat Scams On The Prowl

3 min read

Bitcoin and other virtual money. Cryptocurrency stock market graph on virtual screen. 3d illustration

Shiba Inu has been one of the top-performing cryptocurrencies in 2021. Feeding off the success of famed meme coin Dogecoin, the dog-themed asset had surged as many flocked to catch the wave. This had helped the meme coin knock several zeroes off its price and coupled with its incredibly large circulating supply volume, making it a top 12 cryptocurrency, at one point even a top 10 crypto.

However, with its success has come a large amount of copycats and scammers who are trying to profit off the popularity of the meme coin. These scammers and copycats use social media such as Telegram to target and pick off investors whom they intend to swindle of their holdings. Given this, the Shiba Inu team has taken steps to protect its community from these bad actors.

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Shiba Inu is not the only project that is hounded by scams. With every bull market has come a marked increase in the number of scams circulating the market. In a recent post, Bitcoinist reported that small-time investors are more likely to fall for these scams, hence the reason why these PSAs are important.

Shiba Inu Team Warns Community

In a video posted to social media platform Twitter, the Shiba Inu team warned its community, popularly known as SHIB Army, of the scams that were making the rounds. The post explained that the team’s attention had been drawn to a number of scams making the rounds on social media and was providing information on these scams to the holders.

Related Reading | Dogecoin, Shiba Inu Dominate U.S. Most Searched List In November

The video starts out by pointing out these scam projects that were being advertised with accounts copying the official Shiba Inu handle. These posts talked about things like a worldwide Shiba Inu event, airdrops, bonuses, gifts, and giveaways.

The SHIB team asked the community to disregard all of these as there was no such thing being offered by the team. “There is no Shiba Breaking News! Big Event. There is no Shiba Airdrop. There is no Shiba Bonus. There is no Shiba Giveaway. There is no Shiba Gift Globally,” the video reads.

Shiba Inu price chart from TradingView.com

Shiba Inu continues to suffer losses | Source: SHIBUSD on TradingView.com

Additionally, community members were warned to not share their wallet keys with anyone, as well as sensitive information like email and passwords. Also, community members were advised to not send tokens to these copycat accounts and to disregard invites and messages sent on social media.

In conclusion, the team implored the community to block and report these accounts and to remain alert.

Featured image from NDTV Gadgets 360, chart from TradingView.com

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