03 Jun

The Shiba Inu team recently issued a strong cautionary message concerning the growing number of fraudulent activities directed towards the Shibarium platform. Digarch, via X, shared a warning urging the SHIBARMY to exercise extreme caution during these turbulent periods. The message, conveyed through a series of Discord posts by DaVinci, a notable member of the Shiba Inu team, was directed at the entire Shibarium community.

Shiba Inu Owners Need to Exercise Extreme Caution

"It has come to our attention that deceitful individuals are launching tokens falsely claiming involvement with Shiba developers and the future of Shibarium," stated DaVinci in their inaugural statement, which described the new and sophisticated strategies used by scammers. Since then, these bad actors have changed their strategies, taking advantage of Shiba State and Canine code instead of abusing Ryoshi Research means.

Fraudsters have allegedly intensified their schemes by utilizing the address of the official Shiba website, shib.io, in their promotional films to give their schemes unjustified credence.

In response to recent fraudulent activities, DaVinci emphasized the importance of caution and thorough research before engaging with any tokens. He clarified that Treat had not been launched yet, and tokens claiming association with it were deceiving the community.

A core challenge highlighted by this incident is the decentralized nature of Shibaswap, the platform's native decentralized exchange, which limits the Shiba Inu team's ability to directly intervene against fraudulent tokens. However, the team is actively condemning these scams and urging community members not to engage with them.

DaVinci also emphasized the need for critical evaluation and warned against blindly following influential personalities within the Shibarium ecosystem. He cautioned against patterns of failure in project leaders and advised assessing projects based on technical merits and team commitment.

Finally, DaVinci reminded the community of the risks involved in cryptocurrency investments and stressed the importance of due diligence and prudent decision-making.

June 2024, Cryptoniteuae

* The email will not be published on the website.