Shiba Tron, The Shiba Inu And Floki Inu ‘Killer’ That Soared 1,000%, Is A Potential Scam
March 02 2022 - 7:32AM
NEWSBTC
This token, named after the surprising hit of 2021, Shiba Inu, has
almost no value. Fortunately, the bogus token was spotted early on,
preventing Shiba Tron from duping other users. Shiba Tron (SHIBT)
is a new addition to the growing pack of meme currencies featuring
dogs. A few days ago, the SHIBT coin soared by more than 1,000%,
capturing investors’ interest. PeckShield, on the other hand, has
issued a warning to cryptocurrency aficionados regarding
SHIBT. The contract, according to the blockchain security
firm, has a piece of code that restricts token sales to whitelisted
individuals. Wallet addresses that have been issued tokens but have
not yet been added to the whitelist will be unable to send funds.
Beware Of Shiba Tron PeckShieldAlert mentioned the token in a
tweet, along with an image of a code. Additionally, the renowned
blockchain security group stated that Shiba Tron is a fraud. The
term “whitelist” refers to a list of bitcoin addresses that are
deemed reliable. Only addresses listed on the Whitelist have the
ability to withdraw funds from their exchange account. PeckShield
recommends avoiding tokens or coins that restrict users’ capacity
to sell, transfer, or conduct transactions using their own cash.
Related Article | Bitcoin Staggers After Putin’s Nuclear Deterrence
Alert Warning Total crypto market cap at $1.901 trillion in the
daily chart | Source: TradingView.com Quite frequently, producers
launch token sales, issue tokens, and then restrict access to
certain wallets to exchanges. PeckShield said Shiba Tron is
operating a honeypot scam to entice investors to invest in the
cryptocurrency. After investing, the user will receive their
SHIBT tokens but will be unable to transfer or sell them. Heavy
Transaction Volume According to statistics from BSCScan, SHIBT has
a total market capitalization of more than $53 million and 5,681
investors. The data indicates that over 10,000 transactions have
occurred, and some users are still interacting with the coin. These
statistics are a little concerning, considering the token is
subject to withdrawal restrictions. The only option to resolve the
concerns and avert a significant exploit is to fork the entire
token, which is nearly impossible to achieve in the absence of
complete community decentralization or a token with a limited
capitalization and number of holders. Related Article | Criminal
Whales Hold $25 Billion In Crypto Assets: Chainalysis Report One of
the most effective strategies of enticing individuals to invest is
to pay them 6% on each transaction. SHIBT has a 10 billion
unit supply. Some 4 billion have been burned, and holders will earn
6% on each transaction, according to the cryptocurrency’s
whitepaper, which was issued in January. On Twitter, the SHIBT
coin’s official page has surpassed 19,000 followers. Meanwhile, the
coin refers to itself in a post as a Shiba Inu (SHIB) and Floki Inu
(FLOKI) “killer.” Featured image from YouTube, chart from
TradingView.com
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