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- Deceptive tokens are falsely claiming association with Shiba developers and exploiting Shib.io address.
- Shibarium developers stress that the Treat token has not been launched yet.
- Shibaswap’s decentralized nature prevents banning fraudulent tokens, but developers strongly disapprove of these scams.
The Shibarium community is on high alert as reports surface of fraudulent tokens claiming false associations with Shiba Inu developers. These bad actors are exploiting Shibarium’s decentralized platform to promote their schemes, posing significant risks to investors. DaVinci, a prominent figure in the Shibarium community, has issued a stern warning to all members, urging them to exercise extreme caution and conduct thorough research before interacting with any new tokens.
#SHIBARMY extreme caution is advised in these volatile times pic.twitter.com/zZg1NctVzm— Digarch*shib | Shibarium is live (@Digarch) June 2, 2024
Moreover, these scammers have shifted tactics, moving from misusing Ryoshi Research mediums to exploiting Shiba State and Canine Code. Alarmingly, they have even resorted to posting the shib.io address in their videos to lend false credibility to their schemes. This deliberate misuse aims to deceive community members into believing these fraudulent tokens have legitimate ties to the Shiba Inu ecosystem.
The developers have emphasized that the Treat token has not yet launched. Any tokens claiming association with Treat are unequivocally attempts to deceive and defraud the community. Despite the decentralized nature of Shibaswap, which prevents it from banning these tokens, the developers remain committed to voicing strong disapproval of such unethical practices.
Notably, the warning from the creators coincides with considerable price fluctuations for the SHIB cryptocurrency. With a trading volume of $480,822,87, Shiba Inu is currently priced at $0.000025, recording an increase of 0.82% in the last day. This increase in value highlights the need for caution because volatile markets may increase the public’s vulnerability to fraudulent schemes.
The developers’ advisory highlights the necessity for community members to remain vigilant and informed. By thoroughly researching and confirming the legitimacy of any tokens before interacting with them, investors can safeguard themselves against such scams. The community is advised to rely solely on official channels and reliable sources when seeking information about reputable advancements in the Shiba Inu ecosystem.
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