A warning was issued for ShibaTron (SHIBT) around the time Hamster (HAM) was hacked and lost more than 50% of its value. SHIBT has appreciated more than 800% in the last 24-hour timeframe, but Blockchain security firms are revealing some scams etched into the altcoin project’s codes. As Kriptokoin.com, we provide the details of the developments…
A Shiba-themed altcoin scam is out: PeckShield warns
PeckShield is like a honeypot for Shiba Inu investors who want to move their cash to another Blockchain issued a warning on the Tron network about a Shiba-themed token appearing. According to the blockchain security firm, the contract has a piece of code that only allows whitelisted users to sell the token. Wallet addresses that have purchased the cryptocurrency but are not whitelisted cannot transact with this token…
PeckShield also advises against the use of tokens or currencies that limit users’ ability to sell, transfer or transact with their own money. Developers often initiate token sales, issue tokens, and then exclude certain wallets from trading cryptocurrencies on exchanges. To address the vulnerabilities and prevent a significant exploit, the only option is to fork the entire token into the new network; this is a transaction that is almost difficult to achieve if there is a modest number of capital and investors and the community is completely decentralized.
ShibaTron holds onto million dollar investments
ShibaTron has a $60 million valuation and 5,500 investors according to Bscscan data, which is a big project for a token with a serious vulnerability hidden in the code can be accepted as In this regard, PeckShield exposed ShibaTron’s smart contract game and warned its investors:
PeckShield found ShibaTronToken (SHIBT) to be a scam. Only whitelist participants can sell. Stay away from tokens that have too many restrictions on transferring or selling!
Despite all the warnings posted on social media, many people are still interacting with the contract and swapping their altcoins for the token, as seen on the transactions page. Some users expressed optimism, claiming that the rule was accidentally included in the code and that the developers were not trying to scam their customers.
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