On Telegram, the Shiba Inu Team warns investors about an ongoing scam and posts a warning video.

The official Twitter account for the Shiba Inu cryptocurrency has warned SHIB investors of a fraud that is circulating on the Telegram instant messaging platform. Cybercriminals are mimicking official accounts associated with the meme-based dog currency and responding to generic SHIB-related postings. Scammers have been collecting articles promising SHIB giveaways and extra tokens, among other strategies, to attract naïve users. Investors in SHIB are warned not to share their wallet keys with strangers.

The SHIB team addressed the ongoing fraud in a 50-second video tweeted to its two million followers. “A phoney Shiba telegram group is circulating on social media.

The hashtags #shib, #shibarmy, #leash, #shibaswap, and #bone are the ones they’re after, according to the team. It was also said that no major event or token airdrop or giveaways are planned for SHIB in the near future. “Never give out email addresses or passwords.” Do not join these fraudulent Telegram groups, and do not give any tokens to these crooks. On social media, do not respond to bots or phoney accounts. “Block, report, and be vigilant,” the video concluded.

Twitter users praised the SHIB team for aggressively addressing the issue and notifying fans of the dog currency in response to the warning video.


It is yet unknown if anyone has lost money as a result of this fraud.

The Shiba Inu coin was designed by an unknown person using the pseudonym Ryoshi and launched in August 2020. The SHIB token’s mascot is a cartoonized portrayal of a dog belonging to the Japanese breed of Shiba Inu, modeled after the Dogecoin.

The SHIB token has gained traction in recent days after experiencing a 50% increase in market value and became the 11th-largest digital coin by market capitalization on October 25, according to WatcherGuru.

According to sources, each Shiba Inu coin is now selling for $0.003279 (approximately Rs. 0.000044).

AMC Theatres, a movie theatre company located in the United States, is contemplating accepting Shiba Inu tokens as a payment option. Meanwhile, crypto-related frauds are on the rise in many places of the world, including the United States. Scammers are forcing unsuspecting people to utilize physical bitcoin ATMs and digital QR codes to execute fraudulent transactions, according to the FBI. According to research released in April, total crypto crimes in 2020 will be worth over $10.52 billion (around Rs. 79,194 crores).


Scams and frauds, which have plagued the crypto industry, are a huge concern, accounting for 67.8% of all bitcoin crimes in 2020, according to the same analysis.

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