Shiba Inu Cautions Against Scams Related to Its Partner Token

  thecryptobasic.com 29 March 2024 12:48, UTC

The Shiba Inu community-driven scam alert channel issues a new warning regarding fake airdrops of K9 Finance (KNINE) tokens that seek to drain investors’ wallets.

Malicious actors are attempting to take advantage of the euphoria surrounding the K9 Finance DAO native token (KNINE) to defraud unsuspecting investors.

Shiba Inu’s community-driven scam alert channel, Shibarmy Scam Alerts, called the community’s attention to fake KNINE airdrops making rounds on X.

🚨SHIBARMY WARNING:🚨@X

More fake reward claim sites/groups

There is no rewards program and K9 does not have any airdrops for you to claim , so please don’t connect your wallet to any sites to gain these airdrops/ rewards.

Stay safe shibarmy and keep your eyes open ..… pic.twitter.com/UacEeNgzc8

— Shibarmy Scam Alerts (@susbarium) March 28, 2024

According to the Alert channel, these fraudulent actors have been rolling out fake reward claim sites for the KNINE token to drain users’ wallets.

No Ongoing Airdrop for KNINE

For context, K9 Finance is an official Shiba Inu partner that plans to launch a liquid staking platform on Shibarium. The K9 team launched KNINE on Uniswap earlier this month, with the token’s price skyrocketing by over 200% shortly after its debut.

As more fake KNINE airdrops circulate on X, Shibarmy Scam Alerts warned that the team behind K9 Finance does not have an ongoing reward program nor airdrop for its native token.

Furthermore, it advised Shiba Inu and K9 community members not to connect their crypto wallets to any of these dubious sites in an attempt to claim the non-existent airdrops.

The channel shared a sample of the hoax airdrop. In particular, the scammers claim they want to distribute $400,000 worth of KNINE tokens to market participants in line with a promise they made earlier.

They attached a link to a platform where users can connect their wallets to receive the KNINE airdrop. Once investors connect their wallets, they essentially grant the scammers direct access to their funds, leading to significant losses.

Previous Warning Regarding KNINE Token

The teams behind the Shiba Inu and K9 projects have consistently issued warnings concerning KNINE to keep investors safe.

For instance, K9 Finance DAO founder Buzz warned investors not to buy KNINE on any platform before its official launch date on March 7. Buzz issued the warnings after scammers attempted to sell fake KNINE tokens to investors before its official launch date.

Notably, after its debut, KNINE spiked 700% a few days later to register an all-time high (ATH) of $0.0003543 on March 11. KNINE is currently down 72.7% from its ATH, with a unit priced at $0.00009513.

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