In a recent occurrence that has attracted the attention of the Shiba Inu community, an influential enthusiast identified on social media X/Twitter account as @ShibBPP raised alarm over investment scams targeting SHIB investors.

The warning comes in the wake of a mounting Honeypot scam, which have been spreading swiftly across the cryptocurrency space, assuming many forms, such as bad websites, social media accounts, and investment schemes.

Rising Threat of Honeypot Scams

ShibBPP’s warning demonstrates how complex and varied such scams are, promising investors high returns. These schemes usually work through Telegram and other platforms that attract unsuspecting users to invest in fake tokens, leading them eventually to what is commonly known as rug-pulls.

Of late, several Fake Telegram groups passing themselves off as K9 Finance have been active, prompting investors to transfer funds or connect their wallets under pretense.

To fight this increasing menace, the SHIB society is encouraged to read more carefully. This involves carrying out comprehensive research, using only trustworthy and credible websites and social media accounts associated with cryptocurrency, and avoiding offers that are considered too good. The emphasis is on using cryptocurrency exchanges known for their integrity and positive standing within the community.

Shibarium’s Forthcoming Developments

Meanwhile, Shiba Inu’s marketing expert Lucie has revealed future projects to launch in the Liquid Staking Derivatives (LSD) ecosystem from within the Shibarium.

This development aims to simplify the staking process of BONE tokens, which will strengthen Shibarium’s security and provide rewards and tradeable knBONE tokens to stakeholders. They are likely to increase the number of users and help it grow.

The Shiba Inu community also called the ShibArmy, has been urged to take action against these scams. This means one should be careful of misleading groups on social networks and interacting with unverified sources. Therefore, the community’s proactive approach to certifying information and protecting personal and financial data is essential to sustaining the integrity and security of the Shibarium ecosystem.

Shiba Inu Price Trend

Concurrently, Shiba Inu (SHIB) has been in a bullish rally after establishing support at the intra-day low of $0.00000897. Consequently, bullish momentum had the upper hand, soaring the SHIB price to a high of $0.00000931 before facing stiff resistance. At press time, SHIB exchanged hands at $0.00000921, a 2.26% surge from the support level. 

Read Also: Is Dogecoin Price On The Cusp Of Exploding To $0.5, Levels To Watch Today

The post Shiba Inu (SHIB) Community Alerted to New Investment Scams appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am