Shiba Inu Team Issues Warning About Scammers Exploiting Shibarium Blockchain
The Shiba Inu team has issued an important warning about scammers who are using the Shibarium blockchain to deceive investors.
A team member known as DaVinci has reported that fraudsters are launching fake tokens and falsely claiming to be associated with the developers of Shiba Inu and the Shibarium blockchain. These scammers are using names and codes related to the Shiba State and Canine projects to create the illusion of legitimacy.
The scammers are also actively promoting their fake tokens through social media, including popular platforms, and citing the official website shib.io in their advertising materials to gain the trust of potential victims.
DaVinci has warned users to exercise caution and carefully vet any investment offers. He emphasized that tokens such as Treat have not been released yet, and any projects claiming to be affiliated with Shiba Inu are likely fraudulent.
Additionally, DaVinci advised not to trust influential figures promoting cryptocurrency projects, even if they are associated with the Shibarium ecosystem.
He noted that such projects often receive support from well-known personalities on social media but ultimately fail. DaVinci urged investors to carefully analyze projects, check their fundamentals, community interest, and real demand, as well as ensure that the project has sufficient funding for sustainable development.
This warning comes amid recent efforts by the Shiba Inu community to appeal to investment firm Grayscale Investments to launch an exchange-traded fund (ETF) tied to the SHIB crypto asset. The situation underscores the need for vigilance and caution when investing in cryptocurrency projects.
