Shiba Inu's Price Surge Triggers Alarming New Scam

Cryptocurrency scammers have launched a sophisticated attack targeting Shiba Inu holders through wallet address spoofing. The Shibarium Trustwatch issued urgent warnings on December 6 about this deceptive scheme that exploits normal transaction behaviors.

The fraudulent operation represents a departure from traditional crypto scams. Instead of phishing links or fake websites, attackers manipulate transaction histories to steal funds. Security experts describe the method as particularly dangerous due to its convincing appearance.

How the Spoofing Attack Works

Criminals actively monitor wallets showing regular SHIB activity. They identify addresses frequently used by potential victims. The scammers then generate fake addresses matching the first and last characters of legitimate ones.

These fraudsters send small ”dust” transactions from their counterfeit addresses. The tiny transfers appear in the victim's transaction history on blockchain explorers like Etherscan. The fake address sits among genuine transactions, creating a visual trap.

Users typically copy addresses from their history when making new transfers. This common practice becomes the attack vector. The spoofed address looks identical at first glance. Most people verify only the beginning and ending characters of wallet addresses.

When victims copy the wrong address, their funds transfer directly to the scammer. The blockchain transaction is completed irreversibly. No recovery mechanism exists once the transfer process is complete.

Rising Threats During Bull Market Conditions

The timing of these attacks coincides with positive market momentum for Shiba Inu. Recent price gains have attracted increased attention to SHIB wallets. Higher transaction volumes create more opportunities for scammers to strike.

At the time of writing, SHIB trades at around $0.00000922 after gaining 0.65% in the last 24 hours. The weekly gains stand at 28.8%.

SHIB’s price action over the past 24 hours (Source:CoinCodex)