Shiba Inu Developer Warns Against Token Forgery Scams

The crypto world develops at a fast pace and there is tons of information floating around at any time. One such that has been a bombshell recently is that Shytoshi Kusama, the developer behind the Shiba Inu (SHIB) project responded to the fraudulent promotions of counterfeit tokens.

Which are the Tokens?

There are two tokes in question here:

1. The SHI Stablecoin
2. TREAT Token

These tokens have been significant additions to the Shiba Inu ecosystem, but they have also been targeted by scammers.

An unknown user was identified to be promoting false information about these tokens, so Kusama was forced to release a statement urging the public to learn more about the so-called new releases. That article proved to be quite handy, as it gained over 5,000 views.

Shytoshi Kusama was quick to quash the rumours surrounding the tokens, as he clarified that the user has spread false details about the tokens and their contract addresses. He adds that users should never follow unofficial sources for their crypto investments.

Crypto Scams are a Big Worry

The timing of this scam coincides with a recovery period for the crypto market and a growing interest in the Shiba Inu ecosystem. Shiba Inu’s price has increased 25% over the past month – reaching $0,0000095.

So, this situation was made worse by the fact that some suggested that the unknown scammer could have acquired the account from the original owner and targeted investors. You can see exactly why the strategy of leveraging the reputation of recognized figures in the crypto world can be so risky to investors – especially the new ones.

These tactics have had their impact – there are over 300 holders of the fake SHI stablecoin and over 1,000 holders of the fake TREAT token, so as Kusama has said – only trust official sources when investing in crypto, nothing else!