The team behind popular meme cryptocurrency Shiba Inu (CCC:SHIB-USD) is dealing with a bit of a problem today. While most news surrounding the SHIB crypto is generally positive — like dropping a zero or a new pupcoin rally — today is seeing a dark cloud hang over the meme coin in the form of a Shiba Inu scam.
Indeed, SHIB devs recently issued a scam alert on Twitter to their 2 million followers. Warning investors to stay safe and alert, the announcement explained that there is a fake Shiba Telegraph group that is being shared around social media.
So how can investors stay safe from this new Shiba Inu scam? Let’s take a look at some of the details.
Shiba Inu Scam: What Investors Should Know
The scammers behind the fake group mainly target hashtags, such as #shib, #shibarmy, #leash, #shibaswap and #bone. These scammers create fake accounts to impersonate figures of authority, such as the official Shiba Inu Twitter page. After finding a post with the hashtag, the scammers reply via public post or direct message with a Telegraph link to a fake group. Once in the Telegraph group, unsuspecting users may fall prey to fraudulent sites claiming to be legitimate and enter their personal information.
Frequently, scammers use promotions as an incentive for users to click on fraudulent links. These promotions may come in the form of airdrops, giveaways or gifts. However, Shiba Inu’s team also explained that they are currently not hosting any promotions.
To combat these scams, users should never provide their email addresses or passwords to suspicious websites. Additionally, it is important to check the validity of a page before clicking on any links posted. Fake pages will often have an extremely low follower count and post the same fraudulent link multiple times. If a user identifies a scam page, they should immediately report the page and then block them.
InvestorPlace’s Brenden Rearick published an article earlier this year explaining the different types of cryptocurrency scams. In today’s digital age, crypto users need to constantly stay alert when entering their personal information online. Rearick urges crypto users to stay vigilant when opening links, signing up for crypto wallets and investing in initial coin offerings (ICO).
Finally, fans of the SHIB crypto should know that there is only one official Twitter page: @Shibtoken. The page is verified by Twitter and carries a verified checkmark. Any other Twitter page claiming to represent Shiba is most likely an impersonator trying to steal crypto.
On the date of publication, Eddie Pan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.