Social media platforms, especially Telegram, have become a breeding ground for cryptocurrency scams, according to a warning issued by the ShibArmy, a community of supporters of the Shiba Inu cryptocurrency. Fraudulent groups are impersonating official Shiba Inu accounts to lure unsuspecting investors into giving up their personal information or cryptocurrency.
These deceptive groups use enticing offers, such as airdrops, gifts, and free tokens to trick people. They may also include phishing links that steal personal information. The impersonators are very convincing and it can be difficult to spot the scam.
The ShibArmy has offered advice to help people protect themselves from these scams. They recommend that users change their Telegram privacy settings to prevent them from being added to groups without their consent.
The problem of scams and impersonations is not unique to the Shiba Inu community. It is a widespread problem throughout the cryptocurrency ecosystem, due to its anonymity and lack of regulation. This anonymity makes it difficult to track down and punish wrongdoers.
The Shib Army advises users to verify information before trusting any account, even those with a large following. Kuro, a member of the Shib Army stated, “On Twitter, we should not just trust an account based on the number of followers.”
Blockchain investigator ZachXBT recently exposed a list of allegedly fraudulent meme coin projects launched on the Solana blockchain. According to ZachXBT, all twelve of these projects were abandoned by their creators after raising a combined total of over 180,650 SOL, which is equivalent to approximately $26.7 million at the time of writing. This incident highlights the importance of doing thorough research before investing in any cryptocurrency project.
Also, the Shiba Inu community is on high alert after fraudulent accounts emerged offering fake airdrops of Shiba Inu tokens in exchange for wallet addresses. This tactic, a form of phishing, aims to steal cryptocurrency from unsuspecting users.
