Shiba Inu Warns of Rising Scams and WazirX Hack

Scammers Target Shiba Inu (SHIB) Community

The Shiba Inu (SHIB) team has issued a critical warning to its community about the rise of scammers creating fake tokens using the same ticker as the original SHIB token. LUCIE, the project’s marketing lead, took to Twitter to alert the community about these fraudulent activities. The team emphasized that a specific token, which they plan to launch named $TREAT, is not yet live. This warning comes as scammers are increasingly mimicking legitimate projects to deceive investors.

Common Scam Tactics

Scammers often create fake assets, usernames, and social media groups to lure people into fake presales or to buy counterfeit tokens. These tactics can lead to rug-pull scams, where the scammer withdraws all the funds, leaving investors with worthless tokens. The SHIB team urges the community to stay vigilant and employ best practices to protect their investments. This includes verifying the authenticity of tokens and being cautious of too-good-to-be-true offers.

Hack on WazirX Affects SHIB Investors

In a related incident, a Shiba Inu developer issued a warning about a hack on WazirX, an Indian crypto exchange, which led to significant losses for SHIB investors. The hack resulted in approximately $235 million in crypto assets being moved from WazirX, with over $100 million worth of SHIB tokens stolen. This incident has raised concerns among investors and has affected the coin’s market performance, causing Shiba Inu’s price to drop by 6.39%, trading below the $0.00002 mark.