Shiba Inu (SHIB) token holders have been cautioned by the project’s administrators about a recent surge in fraudulent token offerings attempting to exploit the SHIB community’s enthusiasm. This warning comes as the SHIB token price experiences a modest recovery of 3.66%.
Community Alert: Beware of Fake SHIB-Related Tokens
A screenshot of a message posted on the official Shiba Inu Discord channel by admin DaVinci was shared by SHIB community member @Digarch. The message serves as a critical alert for the SHIB army, highlighting the deceptive tactics employed by scammers.
Read Also: Fresh Warnings Regarding Official Shiba Inu (SHIB) Partnerships
According to DaVinci, these malicious actors are now creating tokens that claim to be affiliated with Shiba Inu’s developers and Shibarium. This tactic represents a shift from their previous strategy of exploiting Ryoshi Research’s communication channels.
The warning further details how scammers incorporate the shib.io address into their promotional materials, such as videos, to create an illusion of legitimacy and lend credibility to their deceptive schemes. The message suggests that these scams may leverage the ShibaSwap decentralized exchange (DEX).
SHIB Team’s Limited Authority and Recommendations
DaVinci, representing the SHIB team, urges the SHIB community to exercise extreme vigilance and conduct thorough due diligence before investing in any new SHIB-related tokens.
The message emphasizes that the long-promised TREAT token, intended for future release by the SHIB team, has not yet been launched. Any token claiming association with TREAT is explicitly identified as a fraudulent attempt to mislead and exploit the community.
DaVinci acknowledges the inherent limitations imposed by ShibaSwap’s decentralized nature. Due to this decentralized structure, the SHIB team lacks the authority to directly ban these fraudulent tokens. The message underscores that the team’s primary recourse is to publicly denounce these scams and their unethical practices.
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Positive Developments for Shiba Inu (SHIB)
In a recent positive development, the Shiba Inu team, led by the enigmatic lead developer Shytoshi Kusama, announced the release of a new iteration of ShibaSwap. This upgraded version bridges the Ethereum network with the nascent Shibarium protocol, effectively transforming ShibaSwap into a multichain platform.
This advancement enables users to seamlessly transfer value between these two blockchains. Notably, the transfer time for BONE tokens has been significantly reduced, going from several days to under an hour.
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