Developer Alerts Shiba Inu Investors For Potential SHIB Scams

The traction that Shiba Inu (SHIB), the second-largest memecoin, has gained has been getting all kinds of wanted and unwanted attention. Kaal Dhairya, a Shiba Inu developer, has warned that there are an increasing number of scam tokens trying to associate themselves with the viral memecoin. 

Malicious tokens are trying to spoof Shiba Inu

According to Dhairya’s latest blogpost, there is currently a prominent token that is using a malicious smart contract to try to associate itself with Shiba Inu. Transactions posted by the token are being reflected as originating from a prominent Shiba Inu wallet named “Shiba Inu: Deployer.”

However, the transactions are in no way the real thing as they are being manipulated by the smart contract to appear that way. While noting that it could just be a marketing gimmick, it was highly risky to interact with such a token as it could most likely be a scam. He wrote:

 All honest tokens emit the correct information as events, with the correct sender and recipient addresses. This contract, however, has crafted code specifically to emit malicious events… so that the token can associate itself with prominent wallets. 

The developer added that market participants should only pay attention to Shiba Inu information from official channels.

Back in February, a similar Shiba Inu dog-themed token with a malicious smart contract was also identified to be a scam. At the time, blockchain security firm Peckshield stated that the token named ShibaTron was a honeypot scam. Investors could buy the token but would face restrictions when they try to sell or transfer the tokens.

Shiba Inu ecosystem continues to speed towards the metaverse

This has not been the first time Shiba Inu developers have been on the lookout for the safety of the SHIBArmy. Last year, the team advised market participants to be wary of purported SHIB giveaways across all social media platforms.

Meanwhile, the Shiba Inu ecosystem is not slowing down in building its metaverse. A recent update revealed that the third stage of land sales in the SHIB: the metaverse project was drawing close. The stage, which will finally open bidding for the virtual plots, will commence shortly after the HOLDERS event.

Mood : Looking ???? for some nice plots during the HOLDER EVENT, as PUBLIC SALE approaches for @ShibTheMV, how exciting!

Visit: pic.twitter.com/19IsotLz3Z

— Shib (@Shibtoken) April 21, 2022

The price of SHIB is currently around $0.0000242, down 1.5% in the last 24 hours. The token is also down 6.46% month to date.

Olivia’s interests spans across the Cryptocurrency and NFT and DeFi industry. She remains as fascinated by cryptocurrencies today, as she was back in 2017, when she first started reading up about them. She’s actively on the lookout for the latest Crypto related stories. When she’s not writing, she’s catering to her pet chihuahua, or curating vegan recipes. Reach me at [email protected]