Unveiling the deceptive world of cryptocurrency: a detailed look into the rise of fake SHIB-related tokens "SHI & TREAT" and the clever tactics fraudsters use.
Understand the importance of diligence in the digital currency space to safeguard your investments.
Contents
The Growing Concern Over Fake Tokens in the SHIB Community
Shiba Inu (SHIB) community members are eagerly anticipating the upcoming release of the reward token 'TREAT' and the stablecoin 'SHI'.
However, there is a growing concern as "fake versions of TREAT and SHI tokens" are being promoted on social media platforms.
It's crucial to note that TREAT and SHI have not yet been launched and thus cannot be traded in the market. Despite this, accounts promoting counterfeit versions of TREAT and SHI are emerging on X (formerly Twitter).
The Deceptive Practices of Promoting Fake Tokens
An alarming aspect of this situation is that the followers of the accounts promoting these fake tokens include Shytoshi Kusama, the lead developer of SHIB.
Reports suggest that the owner of these accounts might have purchased an account previously followed by Mr. Kusama to promote these fake tokens.
Shytoshi Kusama himself has labeled these tokens as "fake," and it's important to exercise caution against such accounts and counterfeit tokens.
Despite being identified as fakes, these counterfeit SHI tokens are reported to be held by over 300 individuals, and the fake TREAT tokens by more than 1,100 individuals. This indicates that some investors might have been deceived by these fraudulent tokens.
The Escalating Issue of Cryptocurrency Scams
The cryptocurrency industry is witnessing an increasing variety of scams aiming to defraud investors of their digital currencies.
Apart from TREAT and SHI, numerous fraudulent and counterfeit tokens are being issued. Therefore, when trading tokens, it's imperative to remain vigilant.
Accounts on social networks like X can be bought and sold, and the number of fraudsters attempting to use this method to gain credibility is likely to increase.
When engaging in token trading, it's crucial to verify official announcements, check contract addresses, and ensure there are no reports of scams.
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