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Shiba Inu price chart from Tradingview.com
SHIB price shows strength | Source: SHIBUSD on Tradingview.com
How To Guide Against These Scams
In an earlier X post, Susbarium provided six tips to protect Shiba Inu community members from falling for such scams. The first tip was to be wary of unsolicited messages. They noted that these scammers usually reach out through direct messages while promising great returns on investments to their victims. The second tip revolved around enabling two-factor authentication (2FA) on all crypto accounts.
Related Reading: Renowned Economist Drops Bombshell On The US Dollar: Can Bitcoin Provide Safe Haven?
For the third tip, Susbarium proposed the use of hardware wallets to community members in order to store their crypto tokens securely. These hardware wallets are physical devices that help users keep their private keys online. That way, hackers find it harder to gain access to the user’s funds.
The other tips included community members being updated on the latest security practices in the crypto space and trusting their instincts. Susbarium also warned them to be wary of “pump and dump” scams. This is when scammers artificially inflate the price of a crypto token and dump the tokens on unsuspecting investors at its peak.
Featured image from Cryptopolitan, chart from Tradingview.com
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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.
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