Shiba Inu (SHIB) Holders Are Warned of 5 Distinct Scam Tactics Used To Steal Tokens

The Shiba Inu community’s dedicated scam alert channel, Shibarmy Scam Alerts (@susbarium), was created to expose scams and deceptive techniques employed by scammers to target the community.

Amid the increasing scams in the Web 3.0 landscape, the Shibarmy Scam Alerts account on X has drawn attention to five specific avenues through which community members can fall victim to malicious actors.

Read Also: Robinhood Becomes Shiba Inu Major Player With 14 Trillion SHIB New Addition

The Five Potential Scam Tactics

Shibarmy Scam Alerts began by stressing the importance of not connecting wallets to unknown Decentralized Applications (DApps). It highlighted the potential of falling for websites with spelling mistakes, one of the most common ways people get scammed. It listed the following as potential scam tactics:

Phishing DApps Exploitation: To perpetrate this, scammers create decentralized applications that closely resemble legitimate platforms associated with Shiba Inu, such as Bone ShibaSwap, Leash, Shiboshis, and others. The channel urges caution, telling users to double-check the name and URL of any DApps they use and ensure they only use official versions.

Fake DApp Accounts: Scammers can create fake accounts on social platforms like X, Telegram, WhatsApp, Facebook, Discord, and more. They might also create fake accounts on DApp platforms and pretend to be representatives of different projects.

Shibarmy Scam Alerts advises that everyone verify the authenticity of the account and the DApp these scammers claim to represent before interacting with them. Most representatives will never reach out to random community members requesting personal or sensitive information.

Read Also: Changelly Shares Shiba Inu (SHIB) Price Prediction for September 2023. Here are the Targets

Impersonation: Impersonators use unsolicited messages to deceive users with fake airdrop offers. Vigilance is key to avoiding falling for these scams. Free airdrops are usually announced officially. Unsolicited messages like these are from scammers, and everyone should try to verify the identity of the senders before replying.

Token Name Variations: Scammers employ names that closely resemble legitimate projects within the ecosystem, exploiting users who overlook details. Shibarmy Scam Alerts advises that users ensure they are dealing with the official token and verify all its details so they don’t invest in a fake cryptocurrency.

Unofficial Channels: Users are strongly advised against conducting transactions through unofficial channels to mitigate potential risks. Sharing sensitive information through unofficial channels is an easy way to lose money, and Shibarmy Scam Alerts advises that users play it safe and only deal with official channels.

After the recent Shibarium hack, the SHIB community has to be careful, now more than ever.

---

Follow us on Twitter, Facebook, Telegram, and Google News