Free Shiba Inu Tokens? It's a TRAP — Here's How Scammers Are Stealing Millions

Shiba Inu token holders are exposed to a new security risk. With the huge number of cryptocurrency users, a complex phishing scheme is being used to take advantage of them. The attack targets legitimate token airdrops, which are used to lure victims into compromising their digital wallets.

The SHIB community has been issued with an urgent warning by Shibarium Trustwatch, an account on X focused on security. The alert follows the detection of a coordinated scam targeting unsuspecting token holders across multiple wallets.

The Phishing Scheme Explained

The fraud is carried out in a peculiar way. Hackers are sending real Shiba Inu tokens to random wallet addresses. These airdrops look credible and genuine. However, they include coded messages, which lead customers to scam websites.

The spam messages inform users that they need to access specific sites to receive additional rewards. Such websites mimic official Shiba Inu platforms. When the victims link their wallets, the fraudsters access the funds and drain them instantly.

Shibarium Trustwatch verified that there is no relation between the counterfeit websites and the legitimate Shiba Inu ecosystem. The attachment of a wallet to such platforms can lead to stolen assets and compromised security. This may cause serious and permanent damage.

According to security experts, this type of attack exploits the trust individuals place in others. Airdrops are considered valid opportunities automatically by many crypto holders. The internalised messages bring a sense of urgency, where the victims undertake their actions without due diligence.

Protecting Your Assets

SHIB holders received clear guidance from the security team. Users should ignore all messages embedded in token names and unforeseen airdrops. No legitimate Shiba Inu promotion requires connecting wallets through unsolicited tokens.

The best defence against such attacks is verification. Any official news is communicated through the official Shiba Inu channels. The project has verified profiles on major social media sites. These are the official sources through which community members should verify any claims and then take action.

There are several additional precautions that cybersecurity professionals recommend. Users are advised to enable two-factor authentication on all cryptocurrency-related accounts. Hardware wallets provide an extra layer of security for significant holdings. Regular security audits of connected applications help identify potential vulnerabilities before they can be exploited.

Pattern of Ongoing Threats

This is one of the larger trends targeting the Shiba Inu community. In the first quarter of the year, Shibarium Trustwatch identified fraudulent accounts on X that posed as legitimate supporters. These fraudsters were marketing irrelevant tokens under the guise of being part of the SHIB system.

The scammers took advantage of a specific platform, HypeIt, which is developed on Shibarium to share content and communicate with the community. The attackers exploited the platform's validity to defraud users.

The other explanation was regarding the misconception about the LEASH token. The meme coin associated with Shiba Inu exists only as an ERC-20 token. LEASH is not available on Solana, and any claims to the contrary are fraudulent. Buyers who attempt to purchase LEASH on Solana may lose their funds to fake tokens.

In a recent update, we covered that crypto users were also warned about scammers buying trusted Telegram usernames to impersonate community members and steal assets. These usernames are highly important in the cryptocurrency community due to their reputation and trust.