Shytoshi Kusama, the lead developer of Shiba Inu, has exposed a scammer who was promoting a counterfeit version of tokens that are yet to be launched. Among the highly anticipated releases in the Shiba Inu ecosystem are the SHI stablecoin and TREAT Token, which unfortunately have become tools for malicious actors targeting unsuspecting investors. Despite this, the Shiba Inu team has been vigilant against fraudulent activities and consistently calls out those promoting fake iterations of the tokens.
In the latest development, Shytoshi Kusama, the lead developer of Shiba Inu, publicly called out a user, identified as X, for promoting a bogus version of the TREAT token and SHI stablecoin. The user’s post encouraged others to explore what were claimed to be new launches of SHIB, the TREAT token, and the SHI stablecoin, providing contract addresses for the fake tokens. The post garnered significant attention, amassing over 5000 views. The increased visibility might be attributed to the fact that Shytoshi Kusama was a follower of the account.
Promptly, Shytoshi debunked the rumors a few days after the initial post by the scammer. As confirmed by Shiba Inu’s lead developer, the account was indeed promoting fake tokens and contract addresses. Furthermore, there is a possibility that the bad actor acquired the account from its original user for the express purpose of promoting the fraudulent scheme. It appears that the bad actor is leveraging the privilege of having Shytoshi Kusama as a follower to deceive unsuspecting investors.
Regrettably, some users may have fallen victim to the scam, not solely based on the recent post by user X. At the time of writing, the fake SHI stablecoin had accumulated over 300 holders on Etherscan, while TREAT had more than 1100 holders. Regardless of the method, Shytoshi Kusama denounced such attempts to defraud users as “shameful.” Shiba Inu investors are urged to exercise caution and rely solely on official news channels endorsed by the reputable project to avoid falling victim to fraudulent schemes.
Shiba Inu Flourishes as Markets Rebound
The heightened efforts by malicious individuals to target SHIB investors coincide with a period of broader recovery in the cryptocurrency market, leading to increased mainstream attention on the Shiba Inu ecosystem.
Over the last month, the value of SHIB has risen by 25%, reaching a peak of $0.0000095. Presently, SHIB is trading at $0.000008647, maintaining a market capitalization of $5.1 billion.