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Shiba Inu: Fake ShibaSwap Exposed, SHIB Community Alerted

Wed, 07/26/2023 - 16:55
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Tomiwabold Olajide
Bad actors seek to take advantage of Shiba Inu's rising popularity to defraud unsuspecting investors
Shiba Inu: Fake ShibaSwap Exposed, SHIB Community Alerted
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ShibaArmy Scam Alerts, @susbarium, which is dedicated to protecting the Shiba Inu community from scams, has issued some warnings in the last 24 hours.

As Shiba Inu continues to spring forth with new developments, scammers or bad actors seek to take advantage of Shiba Inu's rising popularity to defraud unsuspecting investors of their funds.

Susbarium issues a warning to the SHIB community about a fake ShibaSwap website: "Fake Shibaswap website, be careful out there." It also shared a screenshot of a fake Shibaswap platform with a fake website address. It urged users not to click on the link, whose sole aim is to steal users' funds.

Launched in July 2021, Shiba Inu's ShibaSwap is a decentralized finance (DeFi) platform with a decentralized exchange (DEX) and passive income-generating services like staking, liquidity pools and yield farming.

Interestingly, the fake Shibaswap website parodies similar features of the original Shibaswap DEX; hence, it takes only a discerning individual to spot the differences, which start with a fake domain address.

New Indicator Shows Shiba Inu (SHIB) Popular Among New Investors

Mostly, these bad actors seem to target newbies who are just entering the crypto space. As reported, new investors found Shiba Inu attractive, per the New Adoption Rate indicator from IntoTheBlock data.

@Susbarium also alerted the SHIB community to a fake Shibarium Tech Telegram account, and the Shibarium Tech platform (SHIBT) has nothing to do with Shiba Inu.

Shiba Inu community members are also urged to beware of fake emails purporting to be from Coinbase, pushing users to click on links to secure their accounts and claiming that the phone number associated with their account has changed.

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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.