The team behind the Shiba Inu (SHIB) meme has issued a public warning of ongoing online scams primarily targeting altcoin investors interested in SHIB tokens.

The fraud prevention warning came in the form of a tweet describing the various methods used to defraud unsuspecting victims of the Shiba Inu community.

The warning went on to say, “The fake Shiba Telegram group is spreading across all social networks. Scammers impersonate official accounts and create fake users. These scammers respond to public messages.”

While Shiba Inu attracts aspiring millionaires and billionaires, the attackers have stepped up their efforts against unwary investors on social media platforms, including Twitter and Telegram. Some of the common methods used to contact potential victims are spoofing official accounts and targeting hashtags like #shib #shibarmy #leash #shibaswap and #bone.

In addition, the Shiba Inu scam alert confirms that the community does not offer any promotions, including giveaways, rewards, gifts or gifts. Investors are generally expected to refrain from disclosing wallet keys and credentials and to join and subscribe to fake social media accounts.

Related Topics: Meme and dog coins flood the market as price wars intensify.

Inspired by the success of Shiba Inu, a series of dog tokens has begun flooding the cryptocurrency market. Recently on October 28, SHIB hit an all-time high at $0.000086 but struggled to maintain value.

The Shiba Inu development team has also developed and released another token called Doge Killer (LEASH), which has also grown by 130.3% recently.

In addition to the widespread adoption of the token, a growing investor community has listed SHIB on some of the most popular cryptocurrency exchanges including Binance.US and Crypto.com.

The hype surrounding Dogecoin (DOGE) is attributed to the long period of the bull market, which brought high returns with small investments. As Cointelegraph reported, the $8,000 investment the 35-year-old supermarket warehouse manager made in early 2021 now amounts to more than $1 million.

Source: CoinTelegraph

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