The increasing fraudulent activities have brought to light one of the core disadvantages of Shibaswap being decentralized in nature.
The Shiba Inu team has discovered that bad actors are increasingly targeting the Shibarium platform. For this reason, they have asked their teeming users to exercise serious caution in all their dealings with the platform at this moment.
The warning alert, which originally came from DaVinci, a key member of the Shiba Inu team, was shared by an X user called Digarch. Quotung DaVinci’s message to the entire Shibarium community, he simply wrote:
“SHIBARMY extreme caution is advised in these volatile times.”
Shiba Inu Team Shares Attackers’ New Tactics
The original warning from DaVinci advises Shiba Inu users to be very cautious, or else they get caught in the lies of fraudsters who continue to deploy new tactics every day. According to the note, the latest MO of the fraudsters is to launch tokens falsely claiming involvement with Shiba developers or the future of Shibarium. The Shiba Inu team claims that these bad actors go to the extent of using the official web address of Shiba, shib.io, in their promotional videos to appear as the real deal. An excerpt from the warning alert reads:
“These malicious actors have now shifted tactics, moving from the misuse of Ryoshi Research mediums to the exploitation of Shiba State and Canine code.”
Issues Advisory
After intimating users with the new tactics of the fraudulent individuals, DaVinci went on to stress the importance of vigilance and taking well-researched and informed decisions. He noted that Treat is yet to launch. Therefore, any tokens claiming involvement with it is merely out to defraud people.
Furthermore, DaVinci berated the idea of sheepishly following influential personalities within the Shibarium ecosystem. He also advised users to be on the lookout for recurrent patterns of failure observed in some project leaders. This should automatically signal a potential red flag for investors, DaVinci added.
Rather than focusing on the enticing looks of a project or the great personalities endorsing it, he advised users to assess projects based on their technical merits instead. That will majorly include scalability, security protocols, and the feasibility of their roadmaps.
Notably, the increasing fraudulent activities have brought to light one of the core disadvantages of Shibaswap being decentralized in nature. That is the platform’s inability to meddle directly by banning these fraudulent tokens. Nonetheless, the Shiba Inu team has taken it upon itself to publicly denounce the scams, opening the eyes of community members who might otherwise engage with them.
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