Shiba Inu Community Warned of Scammers Promoting Fake Tokens

Vignesh Karunanidhi
Shiba Inu Community Warned of Scammers Promoting Fake Tokens

The Shiba Inu community has received urgent warnings this week as fraudsters exploit interest in new tokens and platforms. Scam watchdog Shiba Army Scam Alerts highlighted two emerging tactics aiming to deceive SHIB holders and steal funds.

First, the Shiba Inu watchdog warned that scammers are promoting fake versions of the upcoming TREAT token. While Treat has been announced as part of the SHIB ecosystem, it has not yet officially launched. Any accounts claiming Treat is already tradeable are outright scams.

Shiba Inu lead dev exposes scammer

Shiba Inu lead developer Shytoshi Kusama recently exposed a scammer on Twitter falsely claiming to have launched Treat and SHI, another proposed token. Kusama reiterated that any links to purchase Treat are fraudulent right now.

The warnings come as hype builds around Treat, which will serve as a reward token within Shiba Inu’s emerging “Oshiverse” metaverse project. Scammers are capitalizing on the community’s anticipation to trick investors into buying fake copies.

Also read: Shiba Inu Lead Developer Hints at Progress in AI

In a second alert, Shiba Army Scam Alerts cautioned users about fake Shiba Inu magazines minting non-existent NFTs. The Shiba Inu scammers are making copies of the legitimate “SHIB The Metaverse” magazine site to phish wallet signatures and drain funds.

Furthermore, these incidents highlight the increased threats facing the Shiba community with its growing profile and upcoming releases. As SHIB spawns more utility and applications, investors must remain vigilant against groups leveraging hype to conduct scams.

The warnings emphasize only using official links posted by the verified Shiba Twitter account and confirmed channels like the project’s Discord. Suspicious URLs that diverge from the real site or offer too-good-to-be-true token deals are clear red flags of scams.