Dogecoin Team Warns DOGE Investors!

The team of popular meme coin Dogecoin (DOGE) has issued a warning from its official Twitter account about a new scam circulating on the social media platform.

Dogecoin team warns of scam

The scammers appear to be providing a technical support service for those who are experiencing ‘difficulties, complaints or problems’ with the meme coin. After contacting the fake account, users are tricked into setting up a fake wallet that asks them to enter their own seed phrases to solve their technical problems. With the method resembling bank fraud, investors’ information that allows them to access their wallets is obtained.

Aware of the scam, the Dogecoin team has issued an urgent notification so that investors do not fall into this trap. The official Dogecoin account emphasized that users should never share seed phrases or account information, which remains the fundamental rule of crypto. Dogecoin shared the following on its official Twitter account:

We have heard of a new scam attempt involving accounts pretending to be Dogecoin Support. There is no “Dogecoin Official Support”. Also, we will never ask you to create a Tr U s T Wallet or your personal seed phrases or account information. Please report them.

Here is a remarkable point immediately catches the eye. The aforementioned ‘Dogecoin Support’ fake account was created in 2012. But as you know, the dog-themed Bitcoin parody meme coin was born in December 2013.

Why are scammers targeting DOGE investors?

Experts also approach the targeting of DOGE investors in a different way. As you follow on Kriptokoin.com, DOGE gained popularity with the involvement of Tesla CEO Elon Musk. Then there was a huge increase in the popularity of the meme coin in 2021. During this hype, holders, mostly inexperienced speculators, became an easy target for scammers.

However, there has been a series of Dogecoin abuses that have resulted in minor scams. Cryptocurrency detective Elliptic recently examined Dogecoin transactions for illegal activities on the deep web. This revealed a sharp increase in transactions. In June, DOGE co-founder Jackson Palmer went so far as to say that cryptocurrencies facilitate fraud. However, he was quite critical of those who tried to speculate about price fluctuations. On the other hand, despite this, the meme does not consider the coin itself to be a scam.

Meanwhile, there are those who claim that Dogecoin itself is a scam. Because after the crypto crash, the seriously frustrated investor emerged. A DOGE buyer recently suggested that DOGE is Ponzi. Therefore, Tesla CEO filed a class action lawsuit against Elon Musk accusing him of promoting the token.