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Scam Alert: Fake SHIBARIUM Token Deployed on Various Platforms by Scammers

Wed, 02/15/2023 - 08:28
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Arman Shirinyan
Scammers are getting more active ahead of big listings
Scam Alert: Fake SHIBARIUM Token Deployed on Various Platforms by Scammers
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The crypto community has been put on alert after scammers created a fake version of the cryptocurrency Blur and pretended to be an official account. According to a tweet by PeckShieldAlert, the scammers created a fake Blur token and deployed it to Coinbase, Justinsun and Yuga Labs in an attempt to trick people into thinking it was the official Blur Airdrop. After removing liquidity, they also created a fake version of SHIBARIUM, a popular project in the crypto community.

The scammers' manipulation led to enormous gains in the Blur/WETH pair on Uniswap shortly after the initial listing. Unfortunately, the manipulators quickly dropped the price of the token, leaving those who provided additional liquidity at a significant loss.

Blur is an NFT marketplace designed for professional traders. The creators of Blur felt that there was a lack of fast and efficient NFT trading platforms, so they decided to build one themselves. Their aim is to provide a platform that allows users to list across multiple marketplaces, manage their portfolios faster and snipe reveals more efficiently.

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Blur's team consists of individuals with experience across MIT, Citadel, Five Rings Capital, Twitch, Brex, Square and Y Combinator.

Unfortunately, this recent scam serves as a reminder of the risks involved in investing in the crypto market. While there are legitimate projects with incredible potential, there are also many scammers out there looking to take advantage of unsuspecting investors. It is essential to conduct thorough research before investing in trending projects like BLUR or Shibarium. The easiest way to do so is to compare the contract address of the token with the official one, listed on trusted exchanges like Binance or on official pages of market trackers like CoinMarketCap.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.