The Shiba Inu ecosystem team has issued a warning about a widespread scam involving illicit tokens on ShibaSwap. Scammers are targeting the SHIB community, leveraging its high engagement to deceive unwary investors. Despite these challenges, the Shiba Inu team continues to expose these tactics to protect investors.
In a recent Discord post, DaVinci, a prominent Shiba Inu figure, warned about scammers launching fake tokens claiming affiliations with the official ecosystem. His alert was shared on X by Digarch, a top Shiba Inu community member.
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DaVinci noted that scammers are now bypassing the usual Ryoshi Research mediums to give false credibility to their projects. Instead, they exploit the Shiba State and Canine code, and even add the official ecosystem website link, shib.io, to their videos to enhance legitimacy.
Urging Caution In Investments
DaVinci urged community members to conduct thorough due diligence before investing in any token. He emphasized that the team has not yet launched the TREAT token, warning that any project claiming an affiliation with it is a scam aimed at defrauding investors.
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Addressing concerns about banning fake tokens on ShibaSwap, DaVinci explained that the decentralized nature of ShibaSwap makes it impossible for a central authority to ban these illicit tokens. Nevertheless, the team remains committed to condemning unethical practices by scammers and will continue to voice disapproval.
Previous Warnings Against Celebrity-Led Meme Coins
This warning follows Shiba Inu’s marketing lead Lucie’s recent advice to SHIB holders against engaging with celebrity-led meme coin projects. Notably, celebrities like Caitlyn Jenner and Nigerian artist Davido have been involved in rugpull meme coins, causing significant investor losses.
Through these efforts, the Shiba Inu team aims to safeguard its community from fraud while highlighting the importance of vigilance in the rapidly evolving crypto landscape.
