Cryptocurrency Community Warned of Escalating Honeypot Scams as Shibarium Prepares for LSD Launch
One of the prominent enthusiasts of SHIB, utilizing the handle @ShibBPP on the social media platform X/Twitter, has issued a cautionary warning to fellow SHIB holders, aiding them in avoiding a specific type of scam.
@ShibBPP alerted the SHIB community about the rapid proliferation of “Honeypot scams,” emphasizing their swift spread within the cryptocurrency domain. These scams manifest in various forms and sizes, encompassing fake websites, social media accounts, and entities falsely promoting schemes.
The user underscores the only way to avoid falling victim to these scams is for investors to conduct comprehensive research and utilize only authentic websites related to cryptocurrencies and blockchain, in addition to social media accounts. Moreover, it is crucial not to succumb to promises of generous returns on investment and to use reputable cryptocurrency exchange operations within the community.
Many Honeypot scams operate through Telegram, providing cryptocurrency users with investment opportunities in fraudulent tokens for subsequent rug pulls.
Among these fraudulent schemes are fake Telegram groups dedicated to K9 Finance, the recently announced official partner of Shibarium by the SHIB development team.
Numerous deceitful cryptocurrency groups on Telegram urge users to send funds to their cryptocurrency wallets or simply link their wallets to their websites, enabling scam artists to easily steal their cryptocurrencies later on.
Shibarium, in collaboration with K9 Finance, plans to launch Liquid Staking Derivatives (LSD) on Shibarium soon.
Earlier this week, Lucy, the marketing expert at Shiba Inu, tweeted that according to her, the LSD contract will simplify the process of signing BONE tokens for individuals. This move aims to enhance Shibarium’s security, earning BONE rewards for participants. Additionally, stakeholders will receive distinctive knBONE tokens representing their BONE, which can be easily traded and used for various purposes, such as NFTs and providing liquidity in indices.
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To reclaim their BONE, stakeholders simply need to redeem the equivalent knBONE tokens they receive.
Lucy further stated that LSD will increase Shibarium’s flexibility, ensure increased stakeholder participation, and aid in expanding the Shibarium ecosystem.
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