Shiba Inu Community Warned of 5 Distinct Scam Channels

The Shiba Inu community-driven scam alert channel issues alerts on several unique formats leveraged by scammers to target unsuspecting users.

With a lot of scams making their way into the broader Web 3.0 ecosystem, the Shibarmy Scam Alerts account on X has shared five distinct ways members of the community can be exploited by mischief makers today.

Hey there, #Shibizens!

We really want to stress the importance of not connecting your wallet, which holds your precious $Shib $Bone $Leash, #Shiboshis, #ShibtheMetaverse, or any other assets, to unknown Dapps. It's crucial to be cautious and aware of the potential risks in order… pic.twitter.com/ra1rWuPQUB

— Shibarmy Scam Alerts (@susbarium) September 30, 2023

The Potential 5 Scam Avenues

According to the list, users can be exploited through Phishing DApps. This occurs when scammers create another decentralized application closely identical to the legitimate platforms associated with Shiba Inu, Bone ShibaSwap, Leash, Shiboshis, and other assets within the ecosystem.

With the prevalence of these Phishing DApps, the caution lies in double-checking to ensure the DApp visited is legitimate.

Another subtle way scammers can exploit users is to create a fake DApp account on social media platforms like X, Telegram, and Discord, among others.

With these fake online profiles, the scammers can attempt to represent officials from a legitimate protocol. To prevent being swindled this way is easy, as most social media platforms provide verification to the official accounts of all key entities within the Shiba Inu ecosystem.

In addition, the incidence of impersonation has also been flagged by the Shibarium Scam Alerts account as one major tool that scammers use to offer fake airdrops through unsolicited messages.

The fourth scam model is the use of token name variations. This format involves the use of names similar to legitimate projects in the ecosystem. Scammers use this to exploit users who do not employ vigilance.

To cap it all, the challenge of Unofficial Channels was also flagged, and users are advised to avoid making transactions through these channels.

Shiba Inu is Ripe for Scammers

The Shiba Inu ecosystem is particularly a ripe ground for scammers following the launch of its Ethereum-based layer-2 scaling solution, Shibarium.

The emergence of Shibarium is expected to draw in a number of new DApps, and these can be easily manipulated by scammers to defraud unsuspecting users and investors.

Shibarium has already been facing these attacks across the board, with The Crypto Basic reporting related attacks earlier in September.

Shiba Inu is evolving in unique ways, and core developers in the ecosystem, including Shytoshi Kusama, have always warned of exploits coming from unverified projects that are claiming to be associated with the protocol.