Shiba Inu Scams Surge in Numbers, Raising Concerns

Beware of NFTs Offering SHIB Rewards

The popular memecoin Shiba Inu and its advancements are among the most intriguing topics for cryptocurrency enthusiasts and investors.

However, these people should keep in mind that the space is full of fraudsters who might use the coin’s logo or mention some of the developments to con victims. Here is what individuals should be utterly cautious about.

The Warning from Shib Informer

The pseudonymous X (Twitter) user “Shib Informer” issued a warning to Shiba Inu investors to watch out for suspicious non-fungible tokens (NFTs) that offer SHIB rewards, saying this is purely a scam.

If you receive a #NFT offering a #SHIB reward for connecting to a site, ignore it! It is a scam.
Be safe, #Shibarmy pic.twitter.com/MqcX2QTbWq

— SHIB INFORMER (@ShibInformer) September 16, 2023

They added that those following the instructions and running the code posted by the bad actors will see their wallets drained.

Subsequently, “Shib Informer” said some fraudsters make it look like prominent individuals such as Elon Musk are involved in mysterious offerings. Nonetheless, they advised that people should observe the “small details” and always “check twice” before engaging with such projects.

Previous Warnings That SHIB Investors Should Take Into Account

The Shiba Inu developer Kaal Dharyia has also alerted the community about malicious projects containing SHIB’s logo or its recently launched layer-2 scaling solution. He opined that wrongdoers “unethically” include the aforementioned symbols to generate personal gains.

Shibarium’s Marketing Strategist, going by the name LUCIE (on X/Twitter), previously warned that scammers pretend to be related to the L2 solution. One can learn more about the launch and specifics of Shibarium by watching our dedicated video on it.