Shiba Inu news: What is the new Shib coin scam?

The team behind the Shiba Inu cryptocurrency coin has issued a warning about a new scam targeting Shib coin investors.

Is there a Shiba Inu cryptocurrency coin scam?

The official Twitter account for Shib coin warned of a new coin, sharing a video that explains what to expect with the potential scam.

• Shiba Inu coin tweeted: “We’ve been made aware of a recent scam, traveling social media, and other communication platforms.”

According to the Shiba Inu coin team, “a fake Shiba Telegram group is being shared across all social media. The scammers impersonate official accounts and create fake users. These scammers reply to general posts.”

Is cryptocurrency a scam?

Cryptocurrency scams have popped up now and again in recent years. For example, a Coinbase user lost about $11.6 million in an alleged cryptocurrency scam earlier this year, Insider reports.

• The use allegedly opened a phone notification that resembled Coinbase. But it wasn’t Coinbase. Instead, it was a part of a fraud scheme that led to $11.6 million in cryptocurrency being stolen from the user.

How to stay safe from cryptocurrency scams

Cryptocurrency expert Adam Morris, co-founder of Crypto Head, said in an email to the Deseret News that scams can be identified pretty easily as long as you remain vigilant.

• “People should always be wary of platforms offering huge returns,” Morris said. “Never send your money or cryptocurrency to a platform you don’t completely trust. If you do some quick research you should be able to gauge online how reputable a company is.
• “Even if you see big names like Elon Musk supposedly endorsing the investment, do not take this at face value,” he added. “Scammers are so successful because they use recognizable and trusted names to dupe people into believing it’s a sound investment when really these names have no association to it at all.”