Scams and frauds are part of the growing challenges within the crypto industry amid innovative advancement. In a recent post, Shiba Inu holders have been warned about new scam tactics in the ecosystem.
According to the project team, several illegal token launches have occurred on ShibaSwap. The team noted that such multiple coins are forms of attack to deceive and scam unguarded investors.
Shiba Inu Team Notes More Targets On SHIB Holders
The Shiba Inu team revealed the growing number of new attacks targeting the SHIB community through a Discord post by DaVinci, Shiba Inu’s Discord Admin.
A top SHIB Army member, Digarch, shared DaVinci’s post on X on June 2. The post noted that scammers have recently launched illicit coins on ShibaSwap to mislead some careless investors.
These bad actors claim affiliations with the official Shiba Inu project team. Further, DaVinci disclosed that the scammers have stopped using Ryshi Research mediums to create fake credibility for their illegal projects. Instead, they have devised new approaches via the Shiba State and the Canine code.
Moreover, the Discord admin pointed out that fraudsters include shib.io in their videos to enhance their appeal to unsuspecting investors. The link is officially used for all Shiba Inu ecosystem websites.
So, DaVinci urged the SHIB community to exercise caution and due diligence in all their crypto investments. Moreover, he stressed that the SHIB team has not yet launched the TREAT token. This means that all projects claiming affiliation with it are potential scams to careless investors.
Decentralized Exchange ShibaSwap’s Inability To Ban Fake Tokens
Additionally, DaVinci explained why the Shiba Inu team can’t ban fake crypto tokens on the ShibaSwap platform. He pointed out that ShibaSwap is a decentralized exchange (DEX).
So, it prohibits the authority of a central party, such as the Shiba Inu ecosystem team, from banning fake crypto tokens on the DEX.
The decentralized platform allows different projects to launch their tokens. However, users and investors retain 100% control over their funds and private wallet keys. So, it lies in the investors’ hands to protect their investment by consistently exercising caution.
Additionally, DaVinci promised that the SHIB team would not stop exposing scammers’ activities. Last week, the Shiba Inu team also warned the SHIB community to be cautious of some celebrity-led projects. The warning came via an X post from the Shiba Inu marketing lead, Lucie.
Lucie says seeing one’s favorite star engage in meme coin projects could be exciting. However, she noted that some celebrities have questionable characters.
Also, the marketing lead pointed out that some top celebrities, like Caitlyn Jenner and Nigerian singer Davido, have previously promoted rug pull coins. Their activities led several investors to massive losses after some time.
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