Drawing on the prevalence of impersonation of its latest community project Sheboshis, Shiba Inu has sent a note of caution to its token holders.
Shiba Inu is always innovative, and the emergence of Sheboshis attests to this trend. Sheboshis is unique in that it adopts the DN404 Standard, combining the benefits of ERC-20 and ERC-721 standards respectively.
Per its design, Sheboshis aims to revamp the “liquidity and fractional ownership” provisions in the digital collectibles ecosystem. With the innovation still in its infancy, scammers are now trying to swindle users with false ties to Sheboshis, riding on its attractiveness.
Shiba Inu Sends Caution
The official X account of the Shibarmy Scam Alerts flagged a project with the handle ‘@thesheboshis,’ which claims to be advocating for equality and the empowerment of everyone. The project gave attribution to “SHEBOSHI” as if to show affiliation to the Shiba Inu-backed project.
The Scam Alert advised users to be careful of the project as it posts phishing links targeting members of the Shiba Inu community. SHIB holders were advised to avoid clicking the links as there is no basis to approve anything.
Warning: Another scam account claiming to be associated with #Sheboshis is posting phishing links. Please exercise caution and verify before clicking on any links. You do not need to approve anything, so do not click on links in direct messages or posts from suspicious accounts.… pic.twitter.com/qjKNFCgQkY
— Shibarmy Scam Alerts (@susbarium) February 22, 2024
The scam alert account advised members of the community to report the account as a means to protect innocent investors and users.
Prevalence of Crypto Scam
The digital currency ecosystem is susceptible to various scams, with users who do not exercise caution likely to be drained of their hard-earned funds.
Over the past year, several impersonations have been specifically targeted at the Shiba Inu ecosystem and other outfits like Ripple Labs. Executives of Ripple are often featured in Deepfake videos advertising XRP giveaways.
Ripple officials are also always issuing warnings similar to those sent to members of the Shiba Inu ecosystem. The goal remains to create as much awareness as possible so that crypto investors can be better armed to wade off these fraudulent schemes.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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