One of the leading SHIB enthusiasts, who goes by @ShibBPP on the X/Twitter social media platform, has issued a major warning to the Shiba Inu community to help them avoid this type of scam.
@ShibBPP warned his fellow SHIB holders that more of these scams are appearing now.
Honeypot scams multiplying quickly
The aforementioned user warned the SHIB army about “Honeypot scams,” adding that they are spreading pretty fast within the crypto space. These scams may emerge in different shapes and sizes - “bogus websites and social media accounts, as well as actors that falsely advocate schemes.”
The only way to avoid them, @ShibBPP insists, is for investors to do thorough research, use only genuine websites related to cryptocurrencies and blockchain, as well as social media accounts. Besides, it is crucial not to fall for promises of lavish returns on investment and use cryptocurrency exchanges with a perfect reputation within the community.
A lot of those Honeypot scams operate via Telegram, offering cryptocurrency users to invest in fraudulent tokens to perform rug pulls later.
Among them are fake Telegram groups dedicated to K9 Finance – the official new Shibarium partner announced by the SHIB developer team recently.
Many of these scam crypto groups on Telegram urge users to send funds to their crypto wallets or simply to connect wallets to their websites, which allows the con artists to steal their crypto easily later.
Liquid staking derivatives to launch on Shibarium
Earlier this week, Shiba Inu marketing expert Lucie tweeted that the SHIB team, together with K9 Finance, plan to release Liquid Staking Derivatives (LSD) on Shibarium soon.
According to Lucie’s tweet, LSD will make staking one’s BONE tokens easier. This will help make Shibarium more secure and will earn rewards in BONE for stakers. As well as that, stakers will receive knBONE tokens, which will represent their staked BONE. These new tokens can be traded and used for other purposes easily (minting NFTs, providing liquidity on dexes, etc).
To get their staked BONE back, stakers simply need to return the equivalent of the knBONE tokens they had received.
Besides, Lucie stated that LSD will also increase Shibarium’s flexibility, ensure increased participation of stakers and help to expand the Shibarium ecosystem.