Shiba Inu Investors Alerted to Coinbase Impersonation Scam

Shibarmy Scam Alerts warns the Shiba Inu community of a Coinbase impersonation scam, urging caution against fraudulent activities.

Shibarmy Scam Alerts, a dedicated force in exposing scams and safeguarding users, has issued another warning to the Shiba Inu community. The community-driven watchdog urged Shiba Inu enthusiasts to exercise caution amid a surge in fraudulent activities.

One of the latest scam attempts reported is one targeting the users of the U.S.-based crypto exchange, Coinbase.

In a recent tweet, Shibarmy Scam Alerts cautioned the community about a deceptive email scam, advising users to be wary of false messages claiming their Coinbase accounts were on hold until further action was taken.

🚨SHIBARMY WARNING:🚨

Beware of fake emails advising your account has been put on hold unitl action is taken, any concerns please contact the company that holds the account PLEASE use only there official site not using the links from the email you have received
Shibarmy Strong pic.twitter.com/ow2Y7DLQIZ

— Shibarmy Scam Alerts (@susbarium) July 2, 2023

The alert emphasized the importance of contacting the official account-holding company directly without relying on links provided in the suspicious emails. The tweet was accompanied by a screenshot displaying an email that supposedly originated from Coinbase.

The inauthenticity of the email is reflected in the use of a diacritical mark for the “i” in “Coinbase.” Moreover, the email is littered with grammatical errors, suggesting it could not have originated from Coinbase. Small details like these are essential in identifying these scam schemes.

Scammers Impersonating The Shiba Inu Team

Further scrutiny of Shibarmy Scam Alerts’ Twitter page revealed a series of scam attempts explicitly targeted at the Shiba Inu community. One incident involved an impersonation of Shytoshi Kusama, the lead developer of Shiba Inu, through a fraudulent Twitter account promoting a Shibarium scam giveaway, as The Crypto Basic reported. 

Similarly, scammers attempted to deceive users by posing as RagnarShib, a respected Shiba Inu community administrator.

Last month, Shibarmy Scam Alerts issued a comprehensive advisory to the SHIBARMY, cautioning them about the proliferation of scam tokens in the market as fraudsters employ various tactics to exploit crypto hype and deceive unsuspecting individuals. 

The alert highlighted several red flags, including a lack of transparency and information, unrealistic promises, pump-and-dump schemes, and high-pressure tactics.

To protect themselves and maintain the integrity of the crypto market, Shibarmy Scam Alerts advised investors to conduct thorough research before making any investments. It further urged individuals to report any suspicious tokens or activities encountered.

It is worth mentioning that the Shiba Inu team has been actively dispelling most of the fraudulent attempts within the community. For instance, last month, The Crypto Basic reported that the SHIB team member Lucie issued a public warning about scams targeting exchanges.