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Beware Shiba Inu family! Scammers are stealing all your SHIB

  • A fake Kusama account with approximately 13.8k Twitter followers has been encouraging Shiba Inu, $BONE, and $LEASH holders to connect their wallets with a provided phishing link.
  • The Shiba Inu ecosystem anticipates having the Shibarium public beta launched before the end of this week.

The second largest meme coin by market capitalization, Shiba Inu (SHIB), is preparing for the Shibarium network, a layer 2 (L2) scaling solution to help onboard more Web3 users. In a February 26 blog post, Shiba Inu lead developer Shytoshi Kusama announced the launch of a new Shibarium website and Web3 intake system. However, Kusama cautioned Shibarmy that all tokens and products during the Shibarium beta are for testing purposes. As a result, no one should get scammed to buy tokens during the Shibarium public beta until the mainnet launch.

During the beta, all tokens and products on the beta network are for testing purposes ONLY. Don’t get scammed and buy anything you’ll find on Shibarium until the Shibarium main net launch,

Shibarmy warned of Shibarium scams

A famous Shibarmy account on Twitter has claimed that all their SHIB tokens holdings have been stolen via a Shibarium redirect by an account impersonating Shytoshi Kusama. The fake Kusama account has changed some initials to confuse the Shiba Inu community through click baits.

The fake Kusama account with approximately 13.8k followers has been encouraging Shiba Inu, $BONE, and $LEASH holders to connect their wallets with a provided phishing link. Notably, the official Kusama account has over 902.3k Twitter followers, with a Shibarium intake form tweet pinned on top.

The Shibarmy has been notified that the Shibarium public beta is primarily for developers to fine-tune the product before a mainnet launch. As such, all tokens on the Shibarium public beta have no monetary value.

Bigger picture

The Shiba Inu ecosystem anticipates having the Shibarium public beta launched before the end of this week, according to a recent announcement. As a result, the Shibarium beta and Shiba Inu ecosystem have been trending on social media platforms. Moreover, several Web3 protocols, including PawSwap, are preparing to launch on the Shiba Inu ecosystem through the Shibarium network.

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The Shiba Inu ecosystem takes pride in over 1.3 million holders, according to on-chain data provided by ethplorer. With a market capitalization of approximately $6,015,571,193.45, Shiba Inu has a reported 24-hour trading volume of about $441 million. The Shiba Inu ecosystem has burned about 41 percent of the circulating supply, equating to about 410,336,986,470,229.06 SHIB.

More Shiba Inu token burns are expected after the Shibarium mainnet launch. Moreover, on-chain activity will increase significantly after the Shibarium mainnet due to more Web3 users onboard.

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