Shiba Inu (SHIB) Team With Important Warning to its Community

The warning comes after scammers try to capitalize on the ERC-404 craze.

Feb 17, 2024 - 15:50
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Shiba Inu (SHIB) Team With Important Warning to its Community

A renowned member of the Shiba Inu team and SHIB influencer, Lucie, recently issued a warning to the SHIB community ahead of the upcoming debut of the SHEboshis NFTs, a new collection within the Shiba Inu ecosystem.

SHEboshis NFTs will be tradable on Uniswap and ShibaSwap, with plans to bridge to Shibarium in the future. The SHIB team aims to initiate the next phase of Shib NFTs by releasing the first claimable set to SHIboshi holders for free.

However, SHEboshis – based on the ERC-404 token standard – have not yet been released. Through their X account, Lucie warned the community to beware of potential scams related to this collection, emphasizing that the NFTs will be airdropped for Shiboshi holders only.

Soooo WE DID IT!

We are trending #Sheboshis ♥@sheboshis

— | Shibarium ⛓ (@LucieSHIB) February 15, 2024

Moreover, Lucie’s warning comes following a rising number of scams from malicious NFT projects seeking to capitalize on the ERC-404 trend. Users must be aware that this is an unofficial, experimental token standard currently undergoing the Ethereum Improvement Proposal (EIP) process for official recognition by the Ethereum Foundation.

Hackers Profit on ERC-404 Trend

The ERC-404 standard has gained popularity in the crypto community. It aims to combine two token standards – ERC-721 for NFTs with ERC-20 for fungible tokens to enable fractionalized NFTs.

Unsurprisingly, crypto scammers are now deceiving users into believing their NFTs use such a standard. One user appears to have fallen for the trick, as they spent $113,000 in gas fees to purchase a token called $NO (No Handle), which is marketed as an ERC-404 token.

Within 35 minutes, $NO soared from $6.80 to $70,000, only to plummet back down to $0. On-chain analytics platform Lookonchain said the user was “rugged.”

At press time, Shibarium’s burn rate has seen an increase of 14%. Likewise, Daily SHIB transactions on the L2 have increased nearly 300% in February, going from half a million to nearly two million by February 12th.

The post Shiba Inu (SHIB) Team With Important Warning to its Community appeared first on CryptoPotato.

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