Team Shiba Inu has issued a stern warning against the growing wave of fraudulent activities targeting the Shibarium platform. Digarch (@Digarch) sent via X: “In these uncertain times, extreme caution is advised SHIBARMA” and referred to DaVinci, a prominent member of the Shiba Inu team. He conveyed his warning through a series of Discord posts to the entire Shibarium community.

Shiba Inu owners must be especially vigilant

DaVinci’s initial message detailed a sophisticated fresh tactic being used by scammers: “We have received information that fraudulent individuals are launching tokens, falsely claiming to be associated with Shiba developers and the future of Shibarium. These malicious actors have now changed tactics, moving from misusing Ryoshi Research media to exploiting Shiba Status Code and Canine Code.”

Fraudsters reportedly escalated their plans by linking to Shiba’s official website, shib.io, and using its address in their promotional videos to convey unwarranted credibility.

In response to these actions, DaVinci stressed the importance of vigilance and informed decision-making: “We urge you to exercise caution and conduct comprehensive research before engaging in any tokens. To be clear, Treat hasn’t launched yet. Any tokens claiming to be associated with it are intended to deceive the community.

One of the main challenges highlighted by this incident is the decentralized nature of Shibaswap, the platform’s native decentralized exchange, which inherently limits the Shiba Inu team’s ability to directly intervene and block imitation tokens. Despite this, the team is actively taking steps to publicly condemn these scams and discourage community members from engaging in them.

Expanding on the need for critical evaluation, DaVinci released another message highlighting the dangers of blindly following influential figures in the Shibarium ecosystem. “I have seen too many projects that received enthusiastic support from X celebrities and then failed. This highlights a fundamental truth: the sustainability and resilience of a project are key indicators of its foundations. If a project doesn’t last for several months, it’s probably not built on a solid foundation,” he explained.

DaVinci further cautioned against repeated failure patterns seen among some project leaders, pointing out potential red flags for investors: “Be careful with people who repeatedly fail on one project and quickly move on to another. This pattern should raise red flags. Ask yourself: Does the new project have what it takes to succeed? Is there real demand? Is the community strong and engaged? Is there sufficient funding for sustainable development?”

He advised Shibarium users to evaluate projects based on technical merits, including scalability, security protocols and feasibility of roadmaps. The team’s ability to navigate the elaborate blockchain technology landscape and its commitment to the project are critical to success.

DaVinci concluded his guide by reminding the community of the inherent risks of cryptocurrency investing: “Remember that cryptocurrency investing is a long-term game. Be aware of the risks and never invest more than you can afford to lose. Your due diligence and prudent decision-making are critical to successfully navigating this volatile space.

At press time, SHIB’s share price was $0.00002474.

Featured image created with DALL·E, chart from TradingView.com