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.
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