Amid the recent launch of Shibarium, the Shiba Inu scaling solution, a representative of the ecosystem took to X to issue a warning of potentially fraudulent behavior around Shibarium.
In particular, Lucie, Shiba Inu‘s content marketing specialist, tweeted that Shibarium is open to development like other prominent blockchains such as Polygon (MATIC) and Ethereum (ETH). However, she noted that such open access comes with a significant security risk for the crypto community.
Lucie highlighted that bad actors can build fraudulent Shiba Inu-theme apps on Shibarium to defraud unsuspecting people.
Similar to Polygon, Ethereum, and other blockchains, Shibarium is open for anyone to build on. Regrettably, this also provides an avenue for bad actors to develop scam dApps and rug-pull tokens, among other things.
The mere incorporation of the term “Shibarium” or “Shib” in… pic.twitter.com/AiNqORi7J2
— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) August 16, 2023
The Shiba Inu representative stated that the mere presence of ‘Shibarium’ or ‘Shib’ in a decentralized app is no proof of its credibility. The Shiba Inu coin team emphasized the place of research in thwarting falling prey to fraudsters. In her words:
Prioritize research: delve into their Telegram and Discord channels, gauge the community’s atmosphere, scrutinize their social media posts, and check Etherscan.
Notably, scammers have continuously targeted Shiba Inu enthusiasts during the build-up to the launch of Shibarium. Shiba Inu’s pseudonymous leader Shytoshi Kusama has repeatedly warned the community of such scams.
Meanwhile, the launch of Shibarium brought upon the crypto community a considerable hurdle with potential loss of revenue. Specifically, around $2 million worth of ETH is locked within Shibarium, as Coin Edition reported.
The development comes as a surprise, considering Shibarium achieved a remarkable milestone in its testing phase. The layer-two solution garnered over 21 million wallet addresses among Shiba Inu enthusiasts pre-launch.
The technical issues currently plaguing Shiabrium have pushed crypto whales into dumping on Shiba Inu ecosystem tokens, Shib and Bone.
