The team behind the meme-inspired cryptocurrency Shiba Inu ($SHIB) has warned those investing in the cryptocurrency against fake giveaway scams targeting them on social media while taking advantage of hashtags they often share.

The warning was shared on Shiba Inu’s official Twitter page and noted that investors should be aware of a Telegram group being shared across social media impersonating official accounts and creating fake ones in replies to general posts. Their goal is to trick users into entering fake giveaways or handing over their private keys.

The meme-inspired cryptocurrency has attracted a plethora of retail investors after its price skyrocketed earlier this year to the point it saw an investor turn an $8,000 bet on it into a $5.7 billion fortune in little over a year before SHIB’s price started dropping.

As CryptoGlobe reported, a  35-year-old former supermarket warehouse manager who first started researching cryptocurrencies in a bid to “modestly grow the tens of thousands of dollars in savings” he had built over time, has become a millionaire thanks to Shiba Inu.

The cryptocurrency has been attracting investors who engage with each other on Twitter and Telegram, two platforms targeted by scammers who impersonate official accounts and target popular hashtags to trick investors. The team behind $SHIB advised users there are no ongoing giveaways, airdrops, or gifts so they should remain vigilant.

Other community members advised against specific types of attacks targeting wealthy crypto investors. Some of their tactics include dusting attacks.

Shiba Inu’s team added that as a general rule investors should not share their private keys or crypto platform credentials while avoiding joining or following fake accounts on social media platforms.


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