The Shiba Inu team has issued a warning that scammers use the name of the meme currency to mislead investors.
When a cryptocurrency grows in popularity and price quickly, it tends to attract the attention of evildoers. That seems to be the case for Shiba Inu, who has become one of the most talked about digital assets in recent months, and now the team behind him has claimed that fake accounts with the same name are targeting investors.
Despite being released last year, the self-proclaimed Dogecoin killer became a star in 2021 and especially in recent months.
By launching a decentralized exchange and NFT collection, the meme currency caught the attention of retail investors, who rushed to it with the promise of quick and massive gains.
These price increases actually occurred when SHIB became arguably the best performer of 2021, with an ROI of 100,000,000%, before backtracking slightly.
Somewhat to be expected, however, such an increase has put Shiba Inu in the eyes of scammers, at least according to the team behind the project.
They published a video on twitter explaining that bad investors have started posing as official accounts of Shiba Inu’s Telegram and are targeting some of the most popular hashtags connected to the project.
Fraudsters started announcing breaking news, big events, bonuses, giveaways and airdrops, but Shiba Inu’s team refuted all of that.
The video warned all investors to be wary of these proposals showing up on unverified accounts, and advised them not to share their wallet keys, email addresses and passwords.
In addition, Shiba Inu’s team asked people to avoid joining suspicious Telegram groups or responding to fake bots and accounts.
Spoofing scams has become a major problem in the cryptocurrency space, where malicious investors try to portray a well-known figure, company or project and typically promise to double all tokens investors send to their addresses.
However, those who fall for the fraud never get any coins back. This spurred industry leaders such as Charles Hoskinson and Brad Garlinghouse to take action, as the latter sued YouTube for failing to block fake giveaway videos. The process has had little or no success, which is why investors must protect themselves.