TL;DR
- The Shiba Inu team warns of an increase in fraudulent activities on the Shibarium platform.
- Scammers are releasing fake tokens, falsely claiming to be associated with Shiba Inu developers.
- The community is urged to research thoroughly and be cautious before participating in any new project or token.
The Shiba Inu team has issued a strong warning to its community about the increasing number of fraudulent activities targeting the Shibarium platform.
These warnings have intensified as malicious individuals are launching tokens that falsely claim to be associated with the developers of Shiba Inu and the Shibarium project.
#SHIBARMY extreme caution is advised in these volatile times pic.twitter.com/zZg1NctVzm
— Digarch*shib | Shibarium is live (@Digarch) June 2, 2024
According to a statement released by DaVinci, a prominent member of the Shiba Inu team, these scammers have changed their tactics from exploiting Ryoshi Research‘s media to abusing Shiba State and Canine’s code. In an effort to legitimize their scams, they have even used the official Shiba Inu site address, shib.io, in their promotional videos.
DaVinci urged the community to be extremely cautious and conduct extensive research before getting involved with any new token. Specifically, he clarified that the “Treat” token has not yet been released and that any claims to the contrary are an attempt to mislead and defraud the community.
Due to the decentralized nature of Shibaswap, Shiba Inu‘s native decentralized exchange platform, the team has limited ability to directly intervene and ban these fraudulent tokens. However, they are taking active steps to publicly report these scams and discourage community members from participating in them.
DaVinci also warned about the danger of blindly following the recommendations of influential personalities within the Shibarium ecosystem. He highlighted the importance of evaluating projects based on their longevity and the strength of their fundamentals. He observed a recurring pattern of some project leaders repeatedly failing and quickly launching new projects, suggesting that the community must critically analyze the feasibility, demand and financing of any new project.
The Importance of Due Diligence in Shiba
DaVinci concluded its statement by reminding the community of the risks inherent in investing in and the importance of conducting proper due diligence. He stressed that investing in cryptocurrencies is a long-term game and that investors should be aware of the risks, never investing more than they can afford to lose. Making informed and prudent decisions is crucial to successfully navigate this volatile space.
In this context, DaVinci emphasized the need to evaluate projects based on technical merits such as scalability, security protocols and the feasibility of their roadmaps. The team’s ability to navigate the complex blockchain technology landscape and their commitment to the project are critical success factors. He encouraged the community to question whether a new project has what it takes to succeed, whether there is genuine demand, whether the community is robust and committed, and whether there is sufficient funding for sustainable development.
At the time of this warning, the price of SHIB stood at $0.00002474, reflecting the volatility and uncertainty surrounding the cryptocurrency market. The Shiba Inu team’s warning serves as a crucial reminder of the dangers and challenges investors face in this dynamic and often risky market.
