Shiba Inu Developer Warns of Scam Stealing Funds From Victims’ Wallets

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Shiba Inu Developer Warns of Scam Stealing Funds From Victims' Wallets For Angel Di Matteo @shadowargel

In this regard, the developer reveals that there are smart contracts with malicious codes masked in airdrop campaigns and gifts of new tokens, which make use of the name of Shiba Inu so that the victims authorize the extraction of their cryptocurrencies from their wallets without knowing it.


Whenever an asset of value and a certain reputation becomes of public interest, it is very likely that unscrupulous people try to take advantage of your name to perpetrate scams, taking special advantage of the lack of knowledge that may exist among the potential victims, often offering juicy proposals that will only end with swindlers in their wake.

While it is common to see these kinds of stories with assets like bitcoin, ethereum or many others, this time it seems that the scams that revolve around the controversial memecoin, Shiba Inuled one of its main developers to speak out about a very aggressive scam, which can take advantage of the good reputation and interest in the project to make the victims lose all the cryptocurrencies housed in their wallets with support for tokens CKD-20.

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Dangerous scam apparently associated with Shiba Inu

The information was shared by Kaal Dhairya, one of the main developers of Shiba Inu, who published a post on the project’s official blog in which he warned readers about a series of scammers trying to fake the “Shiba Inu: Deployer”that is, they created a smart contract with malicious code, which by accepting a token supposedly issued by the official team, would be granting permission to attackers to transfer all the cryptocurrencies housed in their personal wallet (MetaMask or others linked to the web browser).

In this regard, Dhairya indicated that this type of code can be used for the aforementioned purposes, and it is very possible that there are unscrupulous people creating false marketing campaigns apparently linked to Shiba Inu to launch fake tokens, offering them through airdrops and special offers.

Regarding the modus operant, Dhairya commented:

“Smart scammers/merchants use programming to fool millions of people, sometimes more malicious code could empty your wallet by approving the token… we see this more and more often and it breaks our hearts because we can’t do anything about it.” respect… Therefore, never FOLLOW such offers in the crypto sector, always refer to the official channels of the project to check the veracity of the proposal, in this way you will avoid losing your hard-earned money.”

To better illustrate the most knowledgeable, Dhairya shared an extract of the malicious code used by certain scammers, which would authorize the emptying of the victims’ wallets, since it implements a function that enables the transfer once the alleged token is accepted.

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Scams and Reputable Tokens

Although these types of scams are increasingly common among those seeking to take advantage of gifts and pre-sale campaigns for certain tokens, Dhairya warns that in the case of Shiba Inu this would be reaching a new level, since the controversial memecoin has not been free. of imitators in the past.

Various reports published by the official Shiba Inu team also detail that many scammers have tried to capitalize on the reputation of the project. They especially warned about alleged team members and clone accounts offering giveaway campaigns for new tokens, which they describe as a clear red flag to identify misleading proposals.

There have also been cases in which scammers promote versions of said token on other networks, which is also used to somehow sabotage the victims and get hold of their cryptocurrencies linked to such. blockchain.

Be careful!

As you have already seen, creativity has no limits when it comes to scams, and now the mechanisms to capture the unwary are increasingly elaborate, even reaching a point where it can be very imperceptible for those less knowledgeable about the technical aspects involved. to token encoding.

On the other hand, do not forget that scammers also take advantage of the reputation of an asset to take out other “clones”, which often include or involve the name of the cryptocurrency of interest to capture the unwary.

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Remember that the security of your assets depends mainly on the owner of the cryptocurrencies, so the recommendation is to investigate, and even more so when there is an alleged offer that seems too good to pass up. Avoid being the victim, take the time to document yourself, and manage your assets responsibly.

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Source: Shiba Inu Blog, U.Today

Angel Di Matteo version / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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