Shiba Inu Team Sends Crucial Warning To SHIB Holders

The Shiba Inu community is on high alert after their scam alert channel, Shibarmy Scam Alerts, identified a scheme targeting investors with fake airdrops of K9 Finance’s KNINE token.

Malicious actors are capitalizing on the recent surge in popularity surrounding KNINE, the native token of K9 Finance DAO, a project partnered with Shiba Inu. This fraudulent activity seeks to exploit the excitement among investors and steal their cryptocurrency.

Fake Reward Sites: A Threat Lurking Online

Shibarmy Scam Alerts has identified fake KNINE airdrop websites designed to steal investors’ crypto holdings. These deceptive platforms masquerade as legitimate reward programs, promising free KNINE tokens. Unsuspecting users who connect their wallets to these sites unwittingly grant scammers access to their funds, resulting in substantial financial losses.

K9 Finance is a Shiba Inu partner aiming to launch a liquid staking platform on Shibarium, Shiba Inu’s layer-2 blockchain solution. Earlier in March, the K9 Finance team introduced KNINE on Uniswap, a decentralized cryptocurrency exchange. The token’s price experienced a significant rise, exceeding 200% shortly after its debut.

It’s crucial to emphasize that K9 Finance does not currently offer any airdrop or reward program for its KNINE token. Shibarmy Scam Alerts strongly urges Shiba Inu and K9 Finance communities to exercise extreme caution and refrain from connecting their wallets to any suspicious websites claiming to distribute KNINE tokens.

Sample Hoax Unveiled

To further illustrate the deceptive tactics employed by scammers, Shibarmy Scam Alerts shared an example of a fake KNINE airdrop. This particular scheme entices users with a fabricated promise to distribute $400,000 worth of KNINE tokens.

The scam website includes a link where users are instructed to connect their wallets to supposedly receive the airdropped tokens. However, connecting a wallet to this platform grants the scammers complete control, enabling them to steal the user’s cryptocurrency holdings.

The Shiba Inu and K9 Finance teams have consistently prioritized investor safety by issuing warnings regarding KNINE. Notably, before the official KNINE launch, K9 Finance DAO founder Buzz cautioned investors against purchasing the token on any platform before the designated release date. This proactive measure aimed to prevent investors from falling victim to scammers attempting to sell counterfeit KNINE tokens before the official launch.

K9 Finance Token’s Price Fluctuation

Following its launch on March 7th, the price of KNINE surged dramatically, reaching an all-time high (ATH) of $0.0003543 just a few days later on March 11th. This represented a staggering 700% increase. Since then, the price of KNINE has experienced a correction, currently trading at $0.00009513, reflecting a 72.7% decrease from its ATH.

Remaining vigilant and adhering to official announcements from trusted sources like Shiba Inu and K9 Finance are critical steps towards protecting your digital assets.

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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.