SHIB Team Member Issues Crucial Warning to Community: Details

Member of the Shiba Inu team Vet Kusama has taken to the X app (formerly famous as micro-blogging social network Twitter) to warn the SHIB community about another SHIB-related scam that has emerged on the Internet.

This time, it is a fake clone of the "Shibarium Tech" channel on Telegram. On the screenshots shared by Vet Kusama, the fake of the lead developer Shytoshi Kusama promised to release a new ShibaSwap validation 2.0 for public testing.

Vet Kusama warns the SHIB army against using this channel or believing any data published on it. He also reminded followers that should those scammers offer any airdrop on behalf of the SHIB team, it would not be a real one but just a tool to steal their crypto.

Scammers have often attacked the SHIB community as of late. Recently, the official marketing expert of the SHIB team, Lucie, warned the SHIB army, reminding them that the reward token TREAT of the Shibarium ecosystem has not been issued yet, and that anyone who claims otherwise and/or offers to buy it is either a scammer or is just spreading fake news.

In September, a warning was also issued by the X Shibarmy Scam Alert account to the SHIB army to not connect their wallets to unknown dApps; there is a high risk of losing not only their SHIB, BONE and LEASH but also other cryptocurrencies stored in their wallets.

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Tue, 10/17/2023 - 08:10

‘Rich Dad, Poor Dad’ Issues Crucial Warning - ‘Everything Is In Turmoil’

Yuri Molchan

Shiba Inu burns plunge into red

Shibburn explorer spreads the word that over the past 24 hours, the SHIB community has been unable to hold the SHIB burn rate up in the green zone. Unlike the surge of more than 400% on Monday, at the time of this writing, the burn rate constitutes -76.49%.

As few as 12,891,943 SHIB meme coins have been sent to dead blockchain addresses so far compared to around 55,000,000 SHIB burned between Sunday and Monday.

The largest burn transfer to the unspendable wallets has so far been 4,062,225 SHIB and 12 transactions in total. The goal of token burns is to reduce the circulating supply of the Shiba Inu coin and thus make this asset more scarce. In this case, the community strongly hopes — with other necessary factors playing out too, such as demand — that the price of SHIB will increase in the future.

Trillions of SHIB on move to new wallet

As covered by U.Today earlier, on Monday, Oct. 16, an anonymous wallet transferred a staggering 4,587,030,677,374 SHIB (worth $32,409,665 at the time of the transfer) to a brand new wallet.

The sender wallet had also been created recently, as back then, Etherscan showed only several transfers made from it. The receiving wallet was also a brand new one; this can be concluded by the fact that Etherscan failed to show any data on it as, perhaps after receiving the SHIB, the funds were sent to another address, and that wallet was shut down.

This massive amount of SHIB moved between wallets, however, was not enough to impact the SHIB price.