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Shiba Inu team alerts SHIB investors about scam

3 min reading

As per the team, SHIB investors should be aware of scammers who are impersonating official accounts and generating fake users

The Shiba Inu (SHIB) team has released a public alert against continuous online scams that mainly target altcoin investors involved in SHIB tokens. 

The vigilant scam alert was conveyed in the form of a tweet that described the numerous methods used to defraud unsuspecting Shiba Inu victims.

The warning continued, “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.”

Although Shiba Inu captivates ambitious crypto millionaires and billionaires, bad actors have enhanced their efforts, targeting incautious investors on social media platforms such as Twitter and Telegram. Impersonating official accounts and aiming hashtags such as #shib #shibarmy #leash #shibaswap and #bone are some of the most common tactics used to approach potential victims.

Moreover, Shiba Inu's scam alert stated that the community does not provide any type of promotion, such as airdrops, bonuses, giveaways, or gifts. Investors are urged to avoid sharing wallet keys, credentials or joining and following false social media accounts as a general rule. 

Following Shiba Inu's success, several of these dog-themed tokens have begun to flood the crypto market. SHIB recently reached an all-time high of $0.000086 on Oct. 28 but has struggled to maintain its value.

Shiba Inu's development team has also created and launched another token called Doge Killer (LEASH), which has recently increased by 130.3 per cent. 

A growing community of investors has placed SHIB in some of the most widely known crypto exchanges, including Binance.US and Crypto.com, furthermore to the token's mainstream adoption.

The enthusiasm surrounding the Dogecoin (DOGE) spinoff is related to a prolonged bull market period that generated high profits for small-time investments. According to data, an $8,000 investment made in early 2021 by a 35-year-old supermarket warehouse manager is now worth more than $1 million.

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