In a recent alert directed to the Shiba Inu community, Shiba Inu-focused X account Shibarmy Scam Alerts has issued a warning regarding the growing threat of impersonators posing as Shytoshi Kusama, the lead developer of the Shiba Inu project.
In a tweet, Shibarmy Scam Alerts warns the Shiba Inu community or “Shib Army” to watch out for people impersonating Shiba Inu lead Shytoshi Kusama on any platform.
🚨SHIBARMY WARNING:🚨
Watch out for people impersonating Shy on any platform.#StaySafeOnline #Shibarium pic.twitter.com/E5Xbl72T5P
— Shibarmy Scam Alerts (@susbarium) August 9, 2024
The warning comes in response to a surge in fraudulent activities in which individuals pretend to be Shytoshi Kusama across various platforms to deceive and exploit unsuspecting community members. These impersonators often use fake profiles and accounts to gain trust and request sensitive information or funds.
Impersonation in the cryptocurrency space is not new, but it has become more sophisticated as the popularity of projects like Shiba Inu has grown. Scammers often create fake profiles, mimic messaging styles and even utilize bots to increase their reach, making it critical for users to distinguish between legitimate and fraudulent identities.
The recent alert from Shibarmy Scam Alerts emphasizes the importance of vigilance within the crypto community to avoid falling victim to scams and misinformation.
Shibarium burns update
In a recent tweet, Shiba Inu team member Lucie provided an important Shibarium burn update. Starting at block 6206570, the Shibarium network will implement a long-awaited update: a burn mechanism directly linked to transaction costs.
With this upgrade, 70% of all network-based transaction fees will be automatically converted to SHIB tokens and burned, removing them from circulation. This deflationary strategy aims to gradually lower the overall supply of SHIB, potentially boosting its value over time.
The remaining 30% of the fees will go toward platform maintenance, development and ecosystem growth activities. This change is a huge step forward in improving the SHIB community’s sustainability and long-term value.