TL;DR

The SHIB team warns of rising scams exploiting Ryoshis name, urging users to stay vigilant. Shiba Inus founder, Ryoshi, passed the torch to Shytoshi Kusama who plans to hand over control to the community soon.

Not Everything is as It Seems

Shibarmy Scam Alerts (the X account focused on protecting SHIB users from various threats) warned there is a rising number of bad actors who misuse the name of Ryoshi to attract attention and thus deceive members within the ecosystem. Ryoshi is considered the pseudonymous founder of Shiba Inu, and their identity remains unknown.

After unveiling the roadmap, Ryoshi made it clear that there would come a time when they would quietly step away, leaving the project entirely in the hands of the community. That moment has already passed, and as promised, Ryoshi has left the scene without further communication, the working group explained.

The team behind Shibarmy Scam Alerts claimed misuse of Ryoshis identity has the potential to cause crucial financial damage:

We urge all ShibArmy members to remain vigilant, stay alert, and question anything that seems suspicious. Always verify information through official channels, and if you encounter any fraud or misuse of the Ryoshi name, report it immediately.

Last month, the team issued another important warning, arguing there are many wrongdoers who ask users to sync or rectify their wallets only to drain their funds afterwards. Community members are advised to stay away from mysterious people who would request such actions. Sharing passwords and private keys is also a no-go since legitimate platforms would never ask for that information.

Ryoshis Successor

As mentioned above, the popular meme coin Shiba Inu (SHIB) was launched by an anonymous person or group of people using the pseudonym Ryoshi. The project was created as an experiment in decentralized community building but witnessed massive success in the following years. Currently, SHIB is among the top-trending cryptocurrencies, with a market capitalization of approximately $7.8 billion.

Ryoshi did not stay in charge for long, passing the leadership to another anonymous developer using the nickname Shytoshi Kusama. The latter took part in an interview in August, wearing a mask and having their voice modulated. They said they dont aim to reveal their identity, maintaining that the power of SHIB is not based on a few individuals.

Kusama further promised to step away by the end of the year and hand control over to the community, doubling down on the vision for true decentralization in the crypto space.