CoinShots Logo
Shiba Inu Developer Issues Scam Warning
One of the leading Shiba Inu developers has warned about a scam token that is attempting to part unsuspected victims with their money.
Muskaan T.
6:26 23rd Apr, 2022

Kaal Dhairya, one of the leading Shiba Inu developers, has issued a warning about scam actors trying to spoof the "Shiba Inu: Deployer" in a recent blog post.

Dhairya has spotted a contract that was designed to emit malicious events, obfuscating information about the actual sender and recipient. In such a way, it made it possible to associate the cryptocurrency with well-known wallets.

The developer says that such a trick could be used either for clever marketing or for scamming potential victims. Fraudsters frequently abuse the ERC20 approval function in order to steal money from other users with the help of sham tokens.

In the aforementioned blog post, Dhairya has urged Shiba Inu users to keep track of official announcements in order not to fall victim to dubious scams.

After Shiba Inu skyrocketed in popularity last year, plenty of scammers have attempted to capitalize on its popularity. Last November, the team of developers behind the viral meme token warned investors that they were being targeted by scammers. They stressed that the team doesn't offer any giveaways, gifts or airdopros, which is why such offers are a major red flag.

In February, blockchain security firm PeckShield detected a fake Shiba Inu token that was purportedly issued on the Tron blockchain. The sham cryptocurrency was a honeypot scam, meaning that its smart contract featured a mechanism that prevented buyers from selling.


CoinShots Logo


Get in touch:

© 2022 Coinshots (AtlasZero LLC). All rights reserved.