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- Fraudsters have targeted the Shiba Inu community by creating a counterfeit Shibarium Token and misleading airdrops.
- The fake SHIBARIUM token surged over 25% in the past 24 hours.
In a troubling turn of events that has reverberated throughout the crypto sector, fraudsters have focused their efforts on the Shiba Inu community, employing deceitful methods to produce a counterfeit “SHIBARIUM” token. This malicious act took place following the introduction of the highly-anticipated layer-2 solution.
The scam was initially revealed when a tweet from PeckShieldAlert brought to light the unscrupulous actions of the fraudsters. It has been reported that these malicious individuals fabricated a counterfeit version of the Blur cryptocurrency. Their approach involved launching this Blur token on prominent platforms such as Coinbase, Justin Sun, and Yuga Labs.
Additionally, the fraudsters distributed these BLUR tokens to wallets linked to Yuga Labs, Justin Sun, and Coinbase. Their objective was evident: to deceive recipients into thinking that the fraudulent tokens were genuinely associated with Blur’s ongoing airdrop.
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Pseudo Shibarium Token
The fraudsters shifted their focus to another well-known project within the crypto ecosystem, SHIBARIUM. The timing of their scheme coincided with an announcement from Shytoshi Kusama, the lead developer of Shiba Inu, who unveiled the eagerly awaited Shibarium on August 16th.
Shytoshi Kusama’s announcement was expected to be accompanied by a series of informative articles regarding the new L2 network. It appears that the fraudsters took advantage of this moment to capitalize on the increasing interest and enthusiasm surrounding SHIBARIUM.
Shibarium Token (SHIBARIUM) Price Chart (Source: CoinMarketCap)
Predictably, the fraudsters’ strategies resulted in considerable gains for the counterfeit SHIBARIUM token. Following the launch, SHIBARIUM quickly gained traction, trading at $0.02537 at the time of this report.
Moreover, its 24-hour trading volume skyrocketed to $3.65 million, reflecting the significant market interest in the fraudulent token. In a concerning development, SHIBARIUM’s price increased by 251% within just 24 hours, with an astonishing rally of 1622% over a brief three-day span.
