Shiba Inu has gotten much attention recently, and one of the most significant milestones of the meme coin is its listing on the famous crypto exchange app, Robinhood. But unfortunately, while the spotlight has attracted more investors and members to the Shiba Inu community, scammers are also beginning to devise a means to steal tokens from investors.

Kaal Dhaiya, a Shiba Inu development team member, has sounded a warning in a blog post about how a scam token is trying to partner with the memecoin. According to Dhaiya, a crypto token posing as ‘Shiba Inu: Deployer’ uses a smart contract on the blockchain, associating itself with Shiba Inu. The transaction that seems to be made through the SHIB token is a trick on the smart contract.

Dhariya wrote in a blog post:

“The scammers / clever marketers make use of programming to fool a lot of people of millions, sometimes more malicious code could drain your wallet on approval of the token, we see this every time, and it breaks our heart as we can’t do anything about it for them,” 

He added:

“All honest tokens emit the correct information as events, with the correct sender and recipient addresses. This contract, however, has crafted code specifically to emit malicious events… so that the token can associate itself with prominent wallets.”

It is essential to note this scam case is not the first to happen this year. In February, another malicious token tried to associate itself with the Shiba Inu cryptocurrency. According to Peckshield, a blockchain security firm, the token was called “ShibaTron”, and once investors bought the token, they could not sell or transfer the token.

Shiba Inu’s Recent Developments

Shiba Inu announced that members of the SHIB metaverse can now buy lands with SHIB after its launch early this month. In addition, the memecoin also launched the Shib burning portal, intending to increase the value of the coin at a fast rate.  These developments have seen investors buying more SHIBs and earning passive income.