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There is a new scam aimed at crypto exchanges, where scammers create Shiba Inu (SHIB) on other networks and pose it as an official version.

With its strong community and utility, the Shiba Inu (SHIB) token has continuously made waves in the crypto world. Sadly, some people are capitalizing on its sensationalism to pull underhand tricks.

A prominent figure of the Shiba Inu community and Shibarium Telegram Group Admin has recently taken to social media to forewarn crypto portfolio asset managers about a scam rising in popularity targeted at them and their users.

In a tweet on Thursday, well-known SHIB member Ragnar Shib warned about a new crypto scam targeting crypto exchanges. According to Ragnar, some bad actors created a version of Shiba Inu on the Fantom (FTM) blockchain, presenting it as an official rendition.

However, Ragnar declared that Shiba Inu and its ecosystems tokens, including SHIB, Bone, and Leash, are all based on the ERC20 network, the Ethereum blockchain, and no other. Consequently, Ragnar urged crypto exchange listing managers to be aware of the scam and to take appropriate measures to protect themselves and their users.

Although Ragnar pointed out that a Discord community claimed the SHIB token exists on the Binance Smart Chain (BSC) network, he reiterated that SHIB is only on the Ethereum blockchain, and every other chain claiming otherwise was a scam.

Notably, the fraudulent scheme is a classic example of a phishing scam common in the crypto space. Phishing involves sending messages that appear to be from a legitimate source but are designed to trick users into giving away their private keys or other sensitive information.

Recently, a scammer posing as Shytoshi Kusama, one of the lead developers of Shiba Inu, scammed community members by creating a fake Twitter account with a very similar handle to the official one.The scammer urged unsuspecting victims to register their wallets for private access to the beta launch of Shibarium and claimed that only those with SHIB, BONE, and LEASH would gain priority access. The tweet included a link to a fake Shibarium Beta Launch Registration Link, and those who connected their wallets through it lost all their virtual assets.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Shiba Inu Admin Warns of Fake SHIB Tokens on Other Chains - The Crypto Basic