Shiba Inu Team Warns SHIB Investors to Beware of Fake Telegram Accounts

When a cryptocurrency asset grows in popularity and price rapidly, it tends to attract the attention of bad actors. This seems to be the case with Shiba Inu, which became among the most talked-about digital assets in the past few months, and now the team behind it has asserted that fake accounts carrying the same name have targetted investors.

• Despite being released last year, the self-proclaimed Dogecoin killer became a star in 2021 and especially in the past few months.
• By launching a decentralized exchange and an NFT collection, the meme coin grabbed the attention of retail investors, which rushed to it with the promise of quick and massive gains.
• Such price increases indeed came as SHIB became arguably the best performer of 2021 with an ROI of 100,000,000% before retracing slightly.
• Somewhat expectedly, though, such a surge has put Shiba Inu in the eyesight of scammers, at least according to the team behind the project.
• They published a video on Twitter explaining that bad actors have begun impersonating Shiba Inu’s official Telegram accounts and have targetted some of the most popular hashtags connected to the project.
• The fraudsters have reportedly started to advertise breaking news, big events, bonuses, giveaways, and airdrops, but Shiba Inu’s team refuted all of those.
• The video warned all investors to be wary of such proposals appearing on unverified accounts and advised them not to share their wallet keys, email addresses, and passwords.
• Additionally, Shiba Inu’s team urged people to avert from joining suspicious Telegram groups or respond to bots and fake accounts.
• Impersonating scams have become a major issue in the cryptocurrency space, in which Bad actors try to portray a well-known figure, company, or a project and typically promise to double all tokens that investors send to their addresses.
• However, those who fall for the fraud never receive any coins back. This propelled industry leaders such as Charles Hoskinson and Brad Garlinghouse to take action as the latter even sued YouTube for failing to block the fake giveaway videos. However, the lawsuit saw little-to-no success, which is why investors should protect themselves.