Shiba Inu Cryptocurrency Meme Gains Ground after being listed on popular crypto app Robinhood. With the growing popularity, scammers seek to steal Shib tokens from investors. Kaal Dhairya, a Shiba Inu developer, warned in a blog post about how a scam token is trying to associate with the viral memecoin.
According to the developer, a malicious crypto token impersonating “Shiba Inu: Deployer”, uses a smart contract on the blockchain, partnering with Shiba Inu. The transaction that appears to be done through the Shiba Inu token is a manipulation trick on the smart contract. Smart contracts are programs on the blockchain that run when a specific condition is met.
“Scammers/smart traders are using programming to trick millions of people, sometimes more malicious code could empty your wallet on token approval, we see it every time and it breaks our hearts because we can’t do anything about it do for them,” Dhariya wrote in a blog post.
He adds: “All honest tokens emit the correct information as events, with the correct sender and receiver addresses. This contract, however, designed code specifically to emit malicious events… so that the token could associate with prominent wallets.
In February, another such malicious token was identified that also attempted to partner with the Shiba Inu cryptocurrency. According to blockchain security firm Peckshield, the token dubbed “ShibaTron” was a honeypot scam. Once investors bought the token, they were unable to sell or transfer the token.
In other news, the creators behind Shiba Inu say they are now start your own metaverse, with 100,595 virtual land plots. Inspired by a dog meme and touted as a “Dogecoin killer”, SHIB’s value skyrocketed in 2021 and SHIB developers want to remove the “memecoin” tag with the launch of its own metaverse. The creators of the Shiba Inu Metaverse called it “SHIB: The Metaverse.” The developers will allow users to purchase virtual land through a series of events. Users will need to visit the official Shiba Inu Metaverse website.