Fraudsters seem to be convincingly laying siege by targeting Shiba Inu investors and scamming them out of their entire wallet in the pretext of providing assistance in converting their assets to buy SHIB coin.
Just recently, Shiba Inu launched the much awaited 'Shiba Swap' to purchase the coin directly instead of depending on third party apps such as Pancake Swap among others and reduce the fee and deduction cost to their investors.
However, scamsters have used the latest update by creating a similar looking fake website of Shiba Swap and scammed investors who want to convert their Ethereum coin or fiat money to purchase SHIB.
Surprisingly, a simple Google search for Shiba Swap a few days ago saw the fake website being displayed on top of the real website, which was placed second.
Fraudsters promoted the fake website by placing Google ads that eventually got it placed above the real website and cheated investors off their money.
Several investors took to Twitter venting their frustration against the fake website after falling prey to scamsters and urged Shiba Inu developers to take necessary action against the fraudsters. The fake website is now taken down but investors unfortunately lost their entire wallets through it.
Another modus-operandi targeting SHIB investors was brought to light after fraudsters created Twitter handles similar to the official developers of the coin and commented on posts about 'how to buy Shiba Inu' and lured new investors to the fake website in the pretext of providing assistance and robbed them off their money.
The location and identity of the scamsters is not yet identified and the group seems to have disappeared or is laying low after reports of the scam came to light. Also, the fake Twitter handles are now disabled and vanished out of social media.
Several instances of Bitcoin scams using fake websites have been in the news for years and fraudsters are now moving from Bitcoin to alt coins as the crypto market is expanding. Investors need to double check the websites and apps before investing or risk losing their assets.
Shiba Inu at the time of publishing was trading at $0.00000645 and is down -5.10% in the days trade. The crypto market has been sending mixed signals in July and is yet to stabilize in the trade.