Dhairya has spotted a contract that was designed to emit malicious events, obfuscating information about the actual sender and recipient. In such a way, it made it possible to associate the cryptocurrency with well-known wallets.
The developer says that such a trick could be used either for clever marketing or for scamming potential victims. Fraudsters frequently abuse the ERC20 approval function in order to steal money from other users with the help of sham tokens.
After Shiba Inu skyrocketed in popularity last year, plenty of scammers have attempted to capitalize on its popularity. Last November, the team of developers behind the viral meme token warned investors that they were being targeted by scammers. They stressed that the team doesn't offer any giveaways, gifts or airdopros, which is why such offers are a major red flag.
In February, blockchain security firm PeckShield detected a fake Shiba Inu token that was purportedly issued on the Tron blockchain. The sham cryptocurrency was a honeypot scam, meaning that its smart contract featured a mechanism that prevented buyers from selling.