Beware: Shiba Inu Scams Exploding on Telegram and X that Could Empty Your Wallet – Don’t Fall for These Traps (2024)

New Threats on Telegram and X

The Shiba Inu community, often referred to as the "ShibArmy," has found itself increasingly targeted by malicious actors aiming to exploit the memecoin's massive popularity.

The Shiba Inu ecosystem is one of the most vibrant and engaged in the cryptocurrency world, with SHIB holding a prominent position among meme coins.

This community's strength has, however, become a double-edged sword, as it has also made SHIB holders prime targets for various sophisticated scams, particularly on messaging platforms like Telegram.

The ShibArmy Scam Alerts, an X account dedicated to safeguarding the interests of Shiba Inu holders, has recently issued a series of urgent warnings, such as fake airdrops, giveaways and impersonating legitimate entities.

Growing Threat of Fake Airdrops on Telegram

Recent warnings from the Shibarmy Scam Alerts account have highlighted a surge in fake airdrop schemes circulating on Telegram, advising not to connect any wallets to sites for free crypto and to stay vigilant.

Please be smart before connecting your wallet to any site to gain free crypto, they will drain your wallet content.

Stay safe shibarmy and keep your eyes open

These malicious Telegram groups often masquerade as legitimate entities within the Shiba Inu ecosystem, enticing users with promises of free tokens.

The fraudulent schemes are designed to lure users into connecting their crypto wallets to seemingly benign websites or applications.

However, the moment these wallets are connected, the scammers gain control and swiftly drain the contents, leaving victims with empty accounts.

The ShibArmy Scam Alerts have specifically highlighted groups like “K9 Finance DAO News,” which falsely claimed to offer $2,000 worth of KNINE tokens to participants who forwarded a specific post.

Despite the group’s outward appearance of legitimacy, including a seemingly large following of more than 11,000 members, its true intent was to steal funds from those who fell for the ruse.

Coinlive conducted a quick investigation on Telegram and found that the scam group's handle is inconsistent with the official K9 Finance Dao Telegram group, which is linked from their verified X account, @K9finance.

This discrepancy could suggest that the group is likely a scam account, which turns out to be.

This highlights the importance of verifying accounts before engaging and always navigating through official platforms.

The Menace of Fake Giveaways on X

In addition to the fake airdrops, another insidious tactic employed by scammers targets the Shiba Inu community on X (formerly Twitter).

The ShibArmy Scam Alerts recently uncovered a fraudulent X account that has been messaging members of the community, claiming they have won a giveaway.

These fake giveaways are designed to trick users into taking actions that could compromise their crypto wallets.

Once the victims follow the instructions provided by the scammers — often involving sharing personal details or clicking on malicious links—their wallets are emptied of funds.

The ShibArmy Scam Alerts team has urged the community to remain vigilant, emphasising that no legitimate giveaway would require such actions that put users’ assets at risk.

The rise of these fake giveaways highlights the growing sophistication of scams targeting the Shiba Inu community.

The scammers are exploiting the community’s enthusiasm and trust, posing as legitimate entities or influencers within the ecosystem.

Previous Warnings and Ongoing Threats

This isn’t the first instance of such warnings.

Less than a year ago, ShibArmy Scam Alerts issued a similar caution regarding scammers on Telegram.

These bad actors, masquerading as credible individuals or organisations within the Shiba Ecosystem and Shibarium Tech group, sought to trick users into divulging personal and financial information or sending money.

The warnings emphasised the importance of avoiding financial transactions with suspicious accounts and being sceptical of requests made through Telegram chats.

The recurring nature of these warnings underscores the persistent and evolving threat posed by scammers.

Beware of TREAT Token Scams: Not Yet Launched

Amid the ongoing threats of fake airdrops and giveaways, the Shiba Inu community has also been warned about misinformation surrounding the TREAT token.

Despite various claims circulating online, the TREAT token has not yet been launched.

Shibarium’s Marketing Strategist, known as LUCIE on X (@LucieSHIB), has taken to the platform to clarify this, urging the community to disregard any offers or opportunities involving the TREAT token until an official announcement is made.

Scammers have been quick to capitalise on the anticipation surrounding TREAT, offering fraudulent investment opportunities and airdrops to unwary users.

These bad actors often provide misleading sources or encourage users to "do your own research" while directing them to illegitimate information.

The ShibArmy Scam Alerts have strongly advised that any research or verification regarding the TREAT token or any other aspect of the Shiba Inu ecosystem should be conducted through official channels only.

By maintaining this level of caution, the Shiba Inu community can protect itself from falling victim to these increasingly prevalent scams.

Rising Scam Concerns and the Need for Vigilance

The surge in scam activity within the Shiba Inu community reflects a broader trend where fraudsters exploit the popularity and high engagement levels of cryptocurrency communities.

Recent warnings from ShibArmy Scam Alerts emphasise the urgency of staying alert and cautious.

Scammers continue to use deceptive tactics to exploit the eagerness of SHIB holders for new opportunities, often through fake giveaways or fraudulent investment schemes.

The community is advised to avoid connecting wallets to any suspicious sites, to disregard misleading information, and to rely on verified sources for accurate updates.

In response to the rising threats, 'No One' from the Shibarium Tech DC Team published a comprehensive guide on how to identify scams about a month ago.

The scammers would prey on the gullible and try to get them to buy those fake tokens.

They can pretend to be supportive of the ecosystem, to know something exclusive which others do not, often twisting familiar facts which people know to be true and spiking them with lies which benefit them. They’d go as far as say that officials and Mods have less information than they do.

But, it’s quite easy to avoid such pitfalls if you follow the advice above.

This advice applies not only to the Shib ecosystem but to all scams in general.

Be vigilant and stay safe!