Shiba Inu Scam: Reddit User Reveals How He Almost Got Scammed of 6 Million SHIB

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Shiba Inu

Shiba Inu is one of the most famous crypto coins that has never stayed away from the spotlight for long. Recently, a SHIB holder went on the microblogging platform Reddit to explain how he almost got scammed of 6 million SHIBs.

JolieDamai, a member of the SHIBArmy, narrated that he logged on to Binance App via Firefox on his PC. However, after logging in, another window popped up on his screen, asking him to log in again to protect his account. In the end, the puzzled user found this update suspicious but logged in afterwards.

Not long after the second login process, JolieDamai noticed how his token got converted to bitcoin and was withdrawn on a scam wallet with the address: 133S83DHYKrCLDXbUY4TXX2z7TSzw18xhQ. However, Binance stopped the transaction from going through. Immediately, the user cancelled the transaction, logged out of the exchange platform and changed the password.

The user who always used his phone to make transactions also added that yesterday was the first time he utilised his PC to log on to Binance. After this unfortunate incident, he scanned his PC for viruses and found none. To take extra caution, he decided to reinstall his Windows operating system. He ended his story on a good note by saying that he now has 9 million SHIBS. 

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Rise of Cryptocurrency Scams

Since the launch of cryptocurrency, it is not surprising to discover that fraudsters and scammers are always trying to rig the system for their benefit, and it has become more alarming in recent years.

Recently, Chainalysis revealed that North Korea’s intelligence agency is running one of the most prominent cybercriminal organisations, The Lazarus Group, to prevent fraud cases involving online trading.

The country has hacked and stolen over $400 million in cryptocurrency to fund its nuclear and ballistic missile development program.

Shiba Inu Developers Warn Investors

The Shiba Inu team, looking out for the community, came out to announce on Twitter in November 2021 saying: 

“Stay Alert & Safe #ShibArmy!”, 

“A Fake Shiba Inu Telegram group is being shared across social media. The scammers impersonate official accounts, create fake users,” and reply to general posts using hashtags associated with Shiba Inu, including #SHIB #LEASH and #SHIBASWAP.

The group also warned investors not to share wallet keys or provide email addresses or passwords to anyone. 

“There is no: Breaking News! Big Event! There is no: Shiba Airdrop!,” it said in the video.

Furthermore, scammers usually show up when Shiba Inu hits a milestone, affecting the market value and attracting more investors who are less likely to be suspicious.

Kaal Dhariya, a Shiba Inu developer, wrote in a blog post:

“The scammers / clever marketers make use of programming to fool a lot of people of millions, sometimes more malicious code could drain your wallet on approval of the token, we see this every time, and it breaks our heart as we can’t do anything about it for them,” 

“All honest tokens emit the correct information as events, with the correct sender and recipient addresses. This contract, however, has crafted code specifically to emit malicious events… so that the token can associate itself with prominent wallets.”