Another SHIB Scam? Shibarium Clone, SERP Gains Traction

SHIB Recent Price Action Leave Holders at Loss; What’s to Expect

Shibarium imitator lately gained popularity and released Perpetual DEX. 

Although the initiative uses the Shibarium and Shiba Inu brands, there is no known connection to the SHIB ecosystem.

A perpetual decentralized exchange was just introduced by SERP, which describes itself as “a developing decentralized finance platform,” boosting its social engagement and recognition. 

It is vital to clarify that the “SERP” Shibarium project is not the official layer-2 network of the Shiba Inu ecosystem.

An official press release states that SERP, its permanent DEX, was introduced on Tuesday. 

Despite asserting that Ryoshi’s Vision inspired the DEX’s launch, the project’s team was careful not to imply or maintain any connection to Shiba Inu.

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SERP is Not Connected to Shibarium

According to the press release, introducing SERP is a critical turning point for Shibarium. 

It represents a significant advancement towards the platform’s goal of realizing its vision of building an eternal bazaar on the ethereal lands of Shibarium.

However, although the project uses the Shibarium name and Shiba Inu iconography, it has not been established that it is related to the Shiba Inu ecosystem because Shytoshi Kusama and other Shiba Inu community developers have not accepted it as such.

A review of its official website revealed that the domain name was only registered last week, on March 13. 

It is important to note that the platform’s development team has not been accused of engaging in dishonest or fraudulent behavior. 

Nonetheless, it is advised that investors use caution to prevent being a victim of any scams. 

Since 2022, there has been an increase in the number of frauds focused on cryptocurrencies.

SHIB-Related Scams

As the community awaited the release of the Shibarium beta, fraudsters last month generated a phony Shibarium coin with the ticker SHIBARIUM

Uncertainty surrounds the scam’s intricacies, but investors avoided dealing with the token; therefore, there were no complaints of losses.

Fraudsters have frequently used the Shiba Inu brand to scam unsuspecting victims because of the growing social activity and visibility of the Shiba Inu ecosystem. 

Also, a phony Shytoshi Kusama account appeared two days before the Shibarium beta launch to steal customers’ money.

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