SHIB Investors Alert: Beware of Hazardous Scams Circulating in Shiba Inu Community

Crypto News– One of the prominent supporters of SHIB, known as @ShibBPP on Twitter, recently issued a significant warning to the Shiba Inu community, aiming to protect them from potential scams.

SHIB Investors Alert: Beware of Hazardous Scams Circulating in Shiba Inu Community

@ShibBPP specifically highlighted the threat of “Honeypot scams,” cautioning that these deceitful practices are rapidly proliferating within the crypto sphere. These scams manifest in various forms, including fake websites, social media accounts, and individuals promoting fraudulent schemes. @ShibBPP emphasized that the best defense against such scams is conducting thorough research, relying solely on reputable cryptocurrency and blockchain platforms, and exercising caution when encountering promises of extravagant returns on investments. Additionally, they stressed the importance of using cryptocurrency exchanges with impeccable reputations within the community.

A prevalent tactic among these scams involves operating through Telegram, where users are lured into investing in counterfeit tokens that ultimately result in rug pulls, leaving investors empty-handed. Notably, fake Telegram groups have emerged under the guise of K9 Finance, the newly announced official partner of Shibarium by the SHIB development team. These fraudulent crypto groups on Telegram coerce users into sending funds to their wallets or connecting their wallets to dubious websites, enabling scammers to easily abscond with their cryptocurrencies.

Shibarium Set to Introduce Liquid Staking Derivatives

Earlier this week, Lucie, a prominent marketing expert in the Shiba Inu community, shared on Twitter that the SHIB team, in collaboration with K9 Finance, is gearing up to introduce Liquid Staking Derivatives (LSD) on Shibarium in the near future. Lucie emphasized in her tweet that LSD will streamline the process of staking BONE tokens, thereby enhancing the security of Shibarium while allowing stakers to earn rewards in BONE.

Furthermore, stakers will also receive knBONE tokens, representing their staked BONE holdings. These newly minted tokens will offer flexibility, enabling stakers to trade them and utilize them for various purposes such as minting NFTs or providing liquidity on decentralized exchanges. This initiative aims to add value to the Shiba Inu ecosystem while providing additional utility to BONE token holders.