TL;DR

Bad actors have exploited а recently introduced platform part of the Shiba Inu ecosystem to deceive unsuspecting users. Not long ago, the ShibArmy was also warned to stay away from a scam associated with the US-based cryptocurrency exchange Coinbase.

Stay Sharp

One X account dedicated to warning members about potential threats within the ecosystem alerted that wrongdoers have created fake profiles on X and pose as supporters of the meme coin while secretly promoting unrelated tokens.

According to the warning, bad actors have been abusing HypeIt a recently launched platform on Shibarium where the community can share content, engage, and monetize cultural trends. 

The X account further clarified that scammers had used the logo of the SHIB-related meme coin TREAT as well as the branding of Shiba Inu. If they were legit, theyd proudly use their own. Instead, they hijack trusted visuals to mislead, the caution reads. 

Subsequently, the team advised users always to conduct their own research and rely only on information from official Shiba Inu sources. 

The team behind HypeIt appreciated the warning, saying, Scammers move fast, but the ShibArmy moves faster. The developers also pledged to downvote fraudulent content and boost real builders and creators.

Beware of This Scam, too

Earlier this month, the same X account flashed the red light regarding a fraud related to the leading cryptocurrency exchange, Coinbase. 

The team said SHIB users may receive a suspicious email impersonating the Coinbase Compliance team, urging them to verify their personal account information or face restrictions on crypto services like buying and selling tokens.

The X account asserted that this was a scam designed to steal personal information and warned people not to click on links attached to the email. 

The warning comes shortly after Coinbase revealed that it had become the victim of a hacking attack. The breach occurred several months ago and affected nearly 70,000 people. 

Some sources unveiled that it resulted in a $400 million loss and originated from an India-based employee at TaskUs, an outsourcing firm contracted by Coinbase, who allegedly took photos of her workstation and shared sensitive client data with bad actors in exchange for bribes.