Shibarmy Warns Community to Verify Emails, Stay Safe from Scams

• Shibarmy issued a warning on Twitter, sharing a screenshot of a fraudulent email being circulated amongst users.
• The account advised users to cross-check the authenticity of the email by contacting the sender.
• CertiK data revealed that cryptocurrency exit scams in September were reduced by 62%.

Shibarmy, a Twitter account that updates news about scams related to Shiba Inu, posted a screenshot of a fraudulent email on October 11. The account warned the Shiba Inu community to exercise caution and validate the email’s authenticity by contacting the sender or SHIB team directly through verified contact methods. The tweet also advised users not to click on any links until safety is confirmed.

This isn’t the first time the community is experiencing scams. On Shibarmy’s page, there have been multiple accounts of fake websites and impersonators. Users are cautioned that fraudulent profiles on Twitter manipulate, disseminate propaganda, and spread harmful content, sometimes by employing AI to create content. As a result, Shibarmy noted:

You should be careful when interacting with accounts. You can check their profile, followers, activity, and sources to see if they are authentic or not.

On October 10, Yyctrader, the Head of News at a prominent cryptocurrency news agency, fell prey to a crypto phishing scam facilitated through the increasingly popular Social-Fi App, Friend.tech, resulting in the loss of funds from his wallet. In a recent tweet, Yyctrader revealed that his  Friend.tech portfolio consisted of 22 ETH, valued at $34,958.

On the contrary, according to a report by the blockchain security company CertiK, cryptocurrency exit scams in September were reduced by 62%. In September, CertiK Alert detected 17 instances of crypto exit scams, in contrast to the 45 cases reported in the preceding month.

Moreover, CertiK’s data showed that the average financial loss attributed to each exit scam in September amounted to $111,000, marking the lowest average loss per exit scam in the year 2023.  Meanwhile, the cumulative losses incurred due to exit scams for the previous month were estimated to be around $1.9 million.

Speaking of scams, Binance CEO Changpeng Zhao is currently facing accusations of engaging in fraudulent activities as part of an investigation into a cryptocurrency scam in Brazil. A Bloomberg article confirmed that a Brazilian congressional committee is advising the prosecution of three Binance executives including Zhao, Binance’s Brazil General Director Guilherme Haddad Nazar, and Latin America Institutional Relations Director Daniel Mangabeira, in connection with the scam.