- Warning issued by @ShibBPP on the proliferation of Honeypot scams targeting SHIB investors.
- Introduction of Liquid Staking Derivatives (LSD) on Shibarium to simplify staking process and increase rewards.
- Importance of due diligence and vigilance in avoiding scams and transacting safely in the crypto space.
In a bid to safeguard fellow SHIB enthusiasts, prominent advocate @ShibBPP took to Twitter to sound the alarm on a surge in fraudulent activities targeting Shiba Inu investors.
@ShibBPP cautioned SHIB holders to remain vigilant as the proliferation of ‘Honeypot scams’ gains momentum across the cryptocurrency landscape.
#SHIB be careful as more of these appear. Honeypot scams are clever traps designed to fool crypto investors. They include bogus websites and social media accounts, as well as actors that falsely advocate schemes. To avoid these scams, investors should undertake extensive… pic.twitter.com/fxnAOLgn6G
— $SHIB BPP (@ShibBPP) February 8, 2024
Describing these scams as insidious and multifaceted, @ShibBPP highlighted their prevalence in the form of counterfeit websites, fake social media profiles, and deceptive investment schemes.
The key to sidestepping these traps, according to @ShibBPP, lies in conducting thorough due diligence, relying solely on reputable cryptocurrency platforms and authentic social media channels. Additionally, investors are urged to exercise caution against enticing promises of exorbitant returns and to transact exclusively through esteemed cryptocurrency exchanges.
Of particular concern are the fraudulent Telegram groups enticing unsuspecting users to invest in sham tokens, only to execute rug pulls at a later stage. Notably, counterfeit Telegram communities masquerading as affiliates of K9 Finance – a newly announced partner of Shibarium – are among the perpetrators.
These scam groups, often operating under the guise of legitimate entities, coerce users into transferring funds to their wallets or linking their wallets to malicious websites, facilitating the effortless pilfering of cryptocurrency assets.
Meanwhile, in a separate development, Shiba Inu marketing luminary Lucie revealed plans for the imminent launch of Liquid Staking Derivatives (LSD) on Shibarium.
According to Lucie’s announcement, LSD will streamline the staking process for BONE token holders, bolstering Shibarium’s security while rewarding stakers with BONE and knBONE tokens. The introduction of knBONE tokens will enable seamless trading and utilization for various purposes, including NFT minting and liquidity provision on decentralized exchanges.
Notably, stakers can effortlessly reclaim their staked BONE by returning the corresponding knBONE tokens, thereby enhancing Shibarium’s adaptability, fostering broader staker participation, and fortifying the ecosystem’s growth trajectory.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.