Urgent Scam Alert Released by CoinMarketCap
In the rapidly evolving world of cryptocurrency, scammers are becoming increasingly sophisticated, exploiting technological advances like deepfakes, voice mimicry, and fake endorsements to trick unsuspecting users and steal funds.
Recently, the Shiba Inu team, led by marketing lead Lucie, issued a warning to the SHIB army about a specific type of scam targeting Decentralised Autonomous Organisations (DAOs) and meme coins like Shiba Inu. The warning was published on the X platform.
Similarly, CoinMarketCap, a prominent crypto data website owned by Binance, has also published a warning about a new scam targeting the crypto community. Scammers often impersonate platforms like CoinMarketCap in their tactics, launching a non-existent native coin/token and luring users with deceptive marketing schemes.
The Shiba Inu team's warning specifically pertains to DAO scams, where bad actors take control of DAOs and manipulate voting power to their advantage. New users who have recently joined the crypto space are especially vulnerable to these scams, as they may view crypto as a means to make a quick profit. This vulnerability is particularly relevant during a bull run on the crypto market, when scammers are more active.
To avoid these scams, users are advised to verify URLs and platform authenticity carefully, enable multi-factor authentication, regularly review and revoke old or suspicious token approvals, be skeptical of unsolicited offers, follow updates from trusted crypto security initiatives, use official communication channels for news, and never share private keys or seed phrases.
CoinMarketCap's warning urges crypto users to conduct their own research and consult financial experts before making any investment decisions. The company has clarified that there is no such coin/token associated with their platform. A Chainalysis report published in 2023 revealed that illicit crypto transactions surpassed $14 billion.
Staying vigilant against AI-enhanced scams and keeping security hygiene updated are critical as scammers have grown more sophisticated in 2025. The Shiba Inu team and CoinMarketCap's warnings serve as a reminder for all crypto users to exercise caution and due diligence when navigating the crypto space.
- Scammers targeting Decentralised Autonomous Organisations (DAOs) and meme coins like Shiba Inu have become a significant concern in the cryptocurrency space, with new users, especially those looking to make quick profits during a bull run, being particularly vulnerable.
- The Shiba Inu team recently issued a warning about this type of scam on the X platform, highlighting the risk of DAO scams, where bad actors take control of DAOs and manipulate voting power to their advantage.
- In a similar vein, CoinMarketCap, a prominent crypto data website, has also warned the crypto community about scammers impersonating platforms and launching non-existent native coins/tokens, luring users with deceptive marketing schemes.
- Users are advised to take measures like verifying URLs, enabling multi-factor authentication, regularly reviewing and revoking old or suspicious token approvals, being skeptical of unsolicited offers, following updates from trusted crypto security initiatives, using official communication channels for news, and never sharing private keys or seed phrases.
- CoinMarketCap emphasizes the importance of conducting one's own research and consulting financial experts before making any investment decisions, as there is currently no coin/token associated with their platform. Moreover, staying vigilant against AI-enhanced scams and maintaining updated security hygiene is crucial due to the growing sophistication of scammers in 2025.
