Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

One of the Shiba Inu team’s social media admins known as @DavinciShib on the X platform has published an important warning to the Shiba Inu community.

He elaborated how the SHIB name can be used by scammers as if continuing the recent post of Shytoshi Kusama about how scammers use his own name and X account against him.

SHIB can become "big red flag"

@DavinciShib has warned the SHIB community about scammers who shill their coins by adding “SHIB” to their names. It can be easily done by anyone, Davinci says but “it doesn’t mean it’s safe, it’s actually the opposite.”

He warned the SHIB holder army that should they see “SHIB” being used for promoting and selling “some random unknown s-coin,” this is a “big red flag.”

In a comment, the SHIB admin revealed the existence of a group of people who sell “a new s-coin every couple of months.” While all those coins are 80-90% down in price already, those people are already preparing to launch the next one, Davinci stated. “Do yourself a favor, try not to get rugged three or four times before you figure out the pattern,” he warning the SHIB army.

Shytoshi Kusama says: "I'm completely fed up"

On November 1, the mysterious SHIB lead developer Shytoshi Kusama published a “fun tidbit” and left it as a warning for the Shiba Inu community. He revealed the details of the mechanism scammers leverage in order to use his own name and the X account against him.

Kusama unveiled that from time to time he starts following an account from the SHIB army to “keep his ear to the community”. What scammers do is they notice this and then offer the account owner to sell it for an average price of 1 ETH. Kusama pointed out that in many parts of the world this can be a significant amount of cash. The next thing these people do is chance the account’s name and add a profile pic of a pretty girl to attract followers.

The next step is that the scammers launch their fake token and tell everyone that it is a “community-driven” one. “I am completely fed up,” Shytoshi Kusama stated, reminding the community to always check information about tokens with the official SHIB sources.

TopCryptoNewsinYourMailbox

TopCryptoNewsinYourMailbox