Shiba Inu Team Warns Investors About Scammers Impersonating SHIB

The Shiba Inu team warned investors about a group of scammers that started impersonating official accounts of the crypto platform as we can see more in our latest cryptocurrency news today.

The Shiba Inu team issued a public warning against the ongoing online scammers that target altcoin investors that are interested in the SHIB token. The scam alert came in the form of a tweet that detailed different methods that were used to dupe unsuspecting victims from the community. The warning stated:

 “A fake Shiba Telegram group is being shared across all social media. The scammers impersonate official accounts and create fake users. These scammers reply to general posts.”

While Shiba Inu attracts aspiring crypto billionaires, bad actors also ramped up their efforts that are targeting unwary investors on platforms like Telegram and Twitter. Some of the most used methods for scamming potential victims are by impersonating an official account and targeting popular hashtags. Shiba Inu’s scam alert outlined that the community is not offering any kind of promotions like bonuses, giveaways, gifts, or airdrops so investors are expected to refrain from sharing the wallet keys, the credentials, or more when joining the fake social media accounts.

Taking inspiration from the success that Shiba Inu saw, plenty of dog-themed tokens started to pop up on the marketplace and most recently, we saw SHIB hit an all-time high of $0.000086 but then it struggled to keep up the value. Shiba Inu’s development team also worked on another token called Doge Killer LEASH which saw 130.3% gains as of late. In addition to the token’s mainstream adoption, there’s a growing community of investors which placed SHIB on major exchanges like Crypto.com and Binance.

Stay Alert & Safe #ShibArmy!

We've been made aware of a recent scam, traveling social media, and other communication platforms.

Here's a quick video to provide more information on the matter. pic.twitter.com/UOh50WsJSQ

— Shib (@Shibtoken) November 21, 2021

The hype around various DOGE spinoffs is attributed to the bull market period which returned high profits for smaller investments. An $8000 investment made in early 2021 is now worth over a million dollars. As recently reported, The meme token Shiba Inu can now be found on the Gemini crypto exchange as the token saw a huge surge in price in October and dethroned Dogecoin as the biggest meme by market cap. Popular meme token and leading DOGE rival Shiba Inu could be down from its peak of the meteoric rise in value but the cryptocurrency is still surging which is why Gemini added SHIB on its platform.