Shiba Inu Community Flags Several Scams, Issuing Warning to ‘Shib Army’

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Sujha Sundararajan

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Sujha Sundararajan

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August 18, 2024

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Shiba Inu’s official scam alert channel – Shibarmy Scam Alerts – has called the user attention to a growing number of scams targeting the altcoin.

In a series of warning posts on X, the community flagged “fraudulent websites and individuals” attempting to scam users. The fraudsters ask users “to ‘rectify’ or ‘sync’ their wallets,” the post read.

“These tactics are designed to steal your funds by gaining access to your wallet information.”

Further, the Shiba community cautioned users to stay vigilant by not sharing their private keys or recovery phrases with anyone. Shibarmy Scam Alerts also asked customers to “verify websites and links” before entering any sensitive information, though it looks legitimate.

“Don’t let scammers take what you’ve worked hard for. Stay vigilant, stay safe, and protect your crypto,” the community noted.

Fake Telegram Groups Target Shiba Community

The warning note arrived few hours after the Shibarmy Scam Alerts posted about fake Telegram groups targeting the community.

“These groups are designed to scam you and drain your wallets by promoting fraudulent tokens or offering fake rewards,” they wrote.

It warned users to never engage with any suspicious offers that ask users to claim their rewards.

Some Shiba Inu enthusiasts received multiple fake airdrop offers on Telegram, which triggered the community to took the issue to the social media platform.

For instance, a scam Telegram group dubbed K9 Finance DAO news, Shiba Inu’s official liquid staking partner, urged members to forward the airdrop in exchange for $2,000 worth of KNINE tokens.

Additionally, bad actors also impersonated as the Shiba Inu’s co-founder Shytoshi Kusama, asking to clink links.

“As our Shiba community keeps growing, it’s crucial to stay sharp and watch out for scams,” the scam-alert group cautioned.

“Lately, there have been a bunch of tokens and projects pretending to be part of the Shib Ecosystem. These fake ads can be pretty convincing, but they’re nothing more than traps.”

Besides, it also stressed the importance of understanding the difference between Shiba ecosystem projects and its partnerships.

Shib Ecosystem projects are directly tied to the vision and development of Shiba Inu. Whereas, partners are external teams that have signed contracts to work with the Shib community.