Novice

According to U.Today, a social media administrator from the Shiba Inu team, known as @DavinciShib on the X platform, has issued a significant warning to the Shiba Inu community. The warning elaborates on how scammers exploit the SHIB name, echoing a recent post by Shytoshi Kusama about similar fraudulent activities. @DavinciShib cautioned the SHIB community about individuals who add “SHIB” to their names to promote and sell dubious coins. He emphasized that this practice is a major red flag, as it does not guarantee safety. The administrator highlighted that anyone can incorporate “Shib” into their name, but this does not ensure legitimacy. He advised the community to be wary of any unknown coins being marketed under the SHIB name, as it often signals a scam.In his comments, @DavinciShib disclosed the existence of a group that launches a new coin every few months, with these coins typically losing 80-90% of their value. Despite the losses, these individuals are already preparing to introduce the next coin. He urged the SHIB community to recognize this pattern and avoid falling victim to such schemes multiple times.Shytoshi Kusama, the enigmatic lead developer of SHIB, also shared his frustrations with the community on November 1. He revealed how scammers use his name and X account to deceive others. Kusama explained that he occasionally follows accounts from the SHIB community to stay informed. Scammers exploit this by offering to buy these accounts for around 1 ETH, a substantial sum in many regions. They then change the account’s name and profile picture to that of an attractive woman to gain followers, subsequently launching a fake token marketed as “community-driven.”Kusama expressed his exasperation with these scams and reminded the community to verify token information through official SHIB channels. He stressed the importance of relying on official sources, especially given the decentralized nature of even these channels. Kusama’s message to the community was clear: remain vigilant and always confirm the authenticity of information through trusted sources.

According to U.Today, the lead developer of SHIB, known as Shytoshi Kusama, has issued a warning to the SHIB community about scammers using his account on the X social media network (formerly Twitter) to promote fraudulent coins. Kusama explained that these scammers exploit his kindness and his practice of following SHIB enthusiasts to stay connected with the community. Once scammers notice that Kusama follows an account, they offer to buy it for approximately 1 ETH, a significant amount in some regions. After acquiring the account, scammers rebrand it and use it to launch scam tokens, often creating fake accounts with attractive avatars to promote these tokens as community-driven projects.Kusama expressed his frustration with this misuse of his name and reminded the SHIB community to rely on official SHIB channels for accurate information. He emphasized the importance of verifying new information through these channels, especially since even official channels can be decentralized. Despite his efforts, Kusama acknowledged that he cannot prevent scammers from buying accounts he follows. However, he continues to monitor the SHIB-affiliated account @susbarium to ensure his name is not directly used by scammers.In his thread, Kusama also mentioned that the SHIB team is preparing to launch a system designed to link Karma and Reputation to Dao governance, aiming to enhance the security and integrity of the community. He urged SHIB enthusiasts to stay vigilant and always verify information through official channels to avoid falling victim to scams.

According to U.Today, the Shiba Inu team has issued a warning to its community regarding a significant SHIB burn that occurred recently. The affiliated X account @susbarium highlighted that approximately $100,000 worth of SHIB, equivalent to 5,612,878,479 SHIB, was burned in the past 24 hours, as reported by Shibburn. This burn represents a 252,910% increase and could be a tactic to attract attention, the tweet suggested.The tweet cautioned the SHIB community to remain vigilant despite the large amount of SHIB destroyed. It mentioned that some projects might burn substantial amounts of SHIB to draw in the SHIB army with presales or low-quality tokens. The warning emphasized that this is not an isolated incident and is likely to happen again.The tweet also provided several tips for SHIB holders and other cryptocurrency investors on how to evaluate crypto projects. The first tip is to assess a project's goals beyond the SHIB burns, including checking the team's background, their published roadmap, and the real utility of their token. The second tip is to review the token allocation and the team's holdings, as a high percentage allocated to the team or insiders could be a red flag.Additionally, the tweet advised understanding the tokenomics and examining the promotion methods used by the team. It is crucial to look into the token supply, its liquidity, and the token's structure. The tweet also noted that influencers and large accounts rarely promote projects for free, implying that paid promotions could be a factor to consider when evaluating a project's legitimacy.

According to BlockBeats, on October 17, the owner of Kabosu, the Shiba Inu that inspired the Doge meme, reported on social media that they are unable to access their Instagram account. The account has been compromised and is currently posting false content and sending misleading direct messages. Users are advised to be cautious of the risks associated with the hacked account.