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Shiba Inu Community Alerted to Fake Shibarium Testnet Rewards: Details

Wed, 06/28/2023 - 15:33
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Tomiwabold Olajide
Shiba Inu community alerted to scams perpetuated with fake Shibarium testnet rewards
Shiba Inu Community Alerted to Fake Shibarium Testnet Rewards: Details
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The Shiba Inu community has been alerted to scams being perpetuated with fake claims of Shibarium testnet rewards.

"ShibArmy scam alerts" or @susbarium, a Twitter account dedicated to exposing scams and protecting the SHIB community, has drawn attention to such false claims.

@susbarium shared a screenshot of a Twitter post from a scammer who claimed to have received his Shibarium testnet reward. It warns the Shiba Inu community that there are no Shibarium testnet rewards to be collected and urges them not to fall for these traps.

"Shibarmy scam alerts" also shared a Twitter post from a SHIB community member who posted a screenshot of a scammer promoting fake Shibarium launch rewards on Twitter. The SHIB community has been urged to ignore these messages, as they are nothing but scams.

Shiba Inu owners are urged not to click on suspicious links. Scammers frequently employ social engineering to obtain personal information from individuals or to trick them into revealing their passwords or seed phrases. Some attacks merely require the victim's wallet address.

Shibarium architecture

Validators play a critical role in maintaining the Shibarium network. Validators run a full node and safeguard the network by staking BONE to generate blocks, validate them and participate in PoS consensus.

According to the Shibarium documentation, anyone can become a validator during the testnet run by filling out the intake form on the website. Once the mainnet is up and running, validators will be chosen by hand by a trusted team to assure the network's security. Validators have a total of 100 slots.

Validators will receive rewards proportional to their stake in exchange for their duties and contributions. The rewards will be distributed among all players based on the number of tokens staked.

The user's reward balance will be recorded in a contract, which is used to determine the rewards that can be claimed. Rewards will be distributed to all stakers proportional to their stake at every checkpoint, except for the proposer getting an additional bonus.

Shibarium is still on the testnet and has not yet debuted on the mainnet. On March 11, Shibarium beta "Puppynet" was released.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.