Shiba Inu Team Warns Community About Scammers Exploiting SHIB Name, Echoes Shytoshi Kusama's Concerns

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

A social media administrator from the Shiba Inu team has issued a strong warning to the community about scammers exploiting the SHIB name.

The administrator, known as @DavinciShib on the X platform, highlighted how scammers add “SHIB” to their names to promote and sell dubious coins. He emphasized that this practice is a major red flag and does not guarantee safety.

“Anyone can put Shib in their name, but that doesn't make them safe,” he stated.

The administrator also advised the community to be wary of any unknown coins being marketed under the SHIB name, as it often signals a scam.

“There's a group that launches a new coin every few months. These coins usually lose 80-90% of their value. But while you're losing, they're already preparing to introduce the next coin,” he added.

“Let's learn from our mistakes and not keep falling victim to the same schemes over and over again.”

Shytoshi Kusama, the enigmatic lead developer of SHIB, also recently 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.

“If you're not sure, it's always best to err on the side of caution and reach out to the SHIB team or a trusted community member for confirmation,” he concluded.

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