In a recent development, the highly anticipated launch of the SHI stablecoin and TREAT Token in the Shiba Inu ecosystem has become a target for bad actors seeking to exploit unsuspecting investors. Despite the fraudulent attempts, the Shiba Inu team, led by developer Shytoshi Kusama, has remained vigilant in calling out and debunking these scams.
Unmasking a Scammer: Shytoshi Kusama Takes Action
Shytoshi Kusama recently exposed a user on the X platform who was promoting a fake version of the TREAT token and SHI stablecoin. The user’s post, enticing users to explore new SHIB launches, included contract addresses for the purported tokens and garnered over 5000 views. Notably, the account had Shytoshi Kusama as a follower, potentially increasing its visibility.
Shytoshi Kusama promptly debunked the fraudulent scheme, clarifying that the promoted tokens and contract addresses were fake. The lead developer also suggested that the bad actor may have acquired the account from its original owner to exploit the privilege of having Shytoshi Kusama as a follower.
Potential Victims and Warning to the SHIB Community
Despite the quick response from the Shiba Inu team, some users may have fallen victim to the scam. At the time of writing, the fake SHI stablecoin had over 300 holders on Etherscan, while TREAT had over 1100 holders. Shytoshi Kusama emphasized the importance of vigilance, labelling such attempts to defraud users as “shameful.”
Growing Threats Amidst Increased Mainstream Interest
The rise in fraudulent attempts to target SHIB investors coincides with a broader recovery in the crypto market and increased mainstream interest in the Shiba Inu ecosystem. Over the past month, the price of SHIB has surged by 25%, reaching a high of $0.0000095. Currently trading at $0.000008647, SHIB maintains a market cap of $5.1 billion.
Shiba Inu Investors Advised to Rely on Official Channels
As the Shiba Inu ecosystem gains popularity, investors are urged to exercise caution and rely only on official news channels endorsed by the prestigious project. Shytoshi Kusama’s quick response to fraudulent schemes highlights the commitment of the Shiba Inu team to protect its community from scams and misinformation.
Fake. And looks like you bought the account so it showed I followed you. Shameful. Smh. Do better.
— Shytoshi Kusama™ (@ShytoshiKusama) November 19, 2023
The Shiba Inu community is reminded to stay informed through official announcements and to report any suspicious activity to ensure a safe and secure investment environment. As the crypto market continues to evolve, the Shiba Inu team remains dedicated to fostering a trustworthy ecosystem for its investors.