“ShibArmy Scam Alerts” account on the X/Twitter social media platform has addressed the topic of security related to Shibarium, calling it “the most significant issue” in the cryptocurrency space in general these days. In particular, the post refers to crypto scams. However, it was not rug pulls or phishing links that the post was talking about – those are pretty obvious types of scams, the tweet stated.
It rather referred to scam projects that lure money out of inexperienced investors via false advertising. The tweet contains a list of recommendations that should be followed in order to avoid falling for this type of fraudulent activity.
In #Shibarium, part of addressing the most significant issue in crypto right now—scams—means prioritizing safety in all aspects. If we put aside the obvious rugged pulls and phishing links, let’s talk about being deceived by false advertising.
How not to be deceived? It’s by… pic.twitter.com/g1RqJDgkId
— Shibarmy Scam Alerts (@susbarium) December 29, 2023
Here’s how not to be deceived by Shibarium-based scammers
The “ShibArmy Scam Alerts” account emphasizes that it is important, first of all, to be well-informed. This means, as they say within the cryptocurrency community, one must DYOR – an acronym meaning “do your own research.” This has to include reading the project’s white paper and understanding the facts the about cryptocurrency assets you are buying: the size of the total supply, whether the contract is renounced, whether data on the development team can be found online, their reputation. However, if the developers are “doxxed,” the tweet states, ”that’s often not the real reason to feel safe” since this data can be falsified.
Besides, “ShibArmy Scam Alerts” recommends checking thoroughly what media articles about the project in question say about it, and whether these articles are sponsored by the project. Then, the anti-scam account recommends, by all means, checking if the project has proper support and if Discord/Telegram groups are full of real people talking about it and exchanging opinions on it rather than being only advertisements.
If investors buy any cryptocurrencies, the tweet states, without DYOR, this means they will carry responsibility.
It also reminds the cryptocurrency community that once a bull run begins (and there is one expected by many soon), token prices may go parabolic for no visible and apparent reason and then fall without any, which may seem mysterious to beginners on the market.
Still, one can avoid getting scammed by always doing proper research and by learning new facts about one’s chosen investment projects all the time.
