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- The Shibarium communication team has confirmed a new trend of malicious schemes where scammers lure users to connect their wallets to fake servers on Discord.
- The team has advised users to only rely on trusted links from SHIB.io and also follow community links from the official socials of projects.
On August 14, an X user identified as Woof Decentra disclosed that his deployer 1 wallet (….1494) has been hacked, with scammers facilitating transactions and launching new tokens. This post caught the attention of the crypto community with influencer Edward Salomons tagging some key Shiba Inu (SHIB) figures for comments.
Soon after this post, the official Shibarium X page responded with detailed information, cautioning all users to take note to avoid falling victim.
How the Scam Works
According to the Shibarium communication team, threat actors have recently been hijacking some expired Discord invite links to impersonate official crypto communities. Fascinatingly, these scammers have the tendency to create fake servers to appear as real ones to lure users into connecting their wallets for verification.
Additionally, targeted users are tricked into authorizing malicious DApps and claiming fake rewards or airdrops. Once this is done, they can transfer tokens from these wallets.
With this expected to continue, the Shibarium team has advised that users only click on trusted links from SHIB.io. Also, users who engage with other projects were advised to always verify invite links from their official socials to minimize risk. Additionally, users could also confirm with moderators or administrators of these communities before deciding to connect wallets.
Never rush into wallet connections or dApp authorisations from Discord links.
Commenting on Edward Salomons’ post, Shiba Inu developer Kaal Dhairya clarified that while no critical systems are tied to the hacked wallet, it could be used to launch new tokens in the future; henceforth, it should be strictly avoided.
Prior to this, Shibarium had announced a strong network security following an update on the Heimdall and Bor static nodes. According to a report, this was to reduce single-post failures on nodes while making the ecosystem stronger and more reliable. Already, Shiba Inu has partnered with DegenSafe to mitigate rug pulls, bolster transparency, and strengthen trust, as discussed earlier.
Shibarium is also working to expand its reach through partnerships. As earlier highlighted in our news publication, Position DEX has launched on Shibarium to offer trading, farming, and rewards to users.
Amidst the backdrop of these, the price of SHIB has declined by 4.4% in the last 24 hours to trade at $0.0000130. This fall has extended its 30-day and 90-day losses to 5% and 8% respectively.
The current price has presented a perfect entry point for whales who have increased their SHIB transactions from 1.28 trillion to 2.68 trillion in just three days. The last time these whales capitalized on a sharp price drop was in April. As noted in our earlier news brief, 874 billion was bought at that time.
Based on the current on-chain activities, SHIB is expected to stage a rebound, with CoinCodex analysts projecting a rise to $0.00001781 and subsequently to $0.000024, according to our recent analysis.
