The Shiba Inu community is on high alert after their scam alert channel, Shibarmy Scam Alerts, identified a scheme targeting investors with fake airdrops of K9 Finance’s KNINE token.
Malicious actors are capitalizing on the recent surge in popularity surrounding KNINE, the native token of K9 Finance DAO, a project partnered with Shiba Inu. This fraudulent activity seeks to exploit the excitement among investors and steal their cryptocurrency.
🚨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
Read Also: SHIB News: Shibarium Integrates With CoinMarketCap and CoinGecko: Here’s the Significance
Fake Reward Sites: A Threat Lurking Online
Shibarmy Scam Alerts has identified fake KNINE airdrop websites designed to steal investors’ crypto holdings. These deceptive platforms masquerade as legitimate reward programs, promising free KNINE tokens. Unsuspecting users who connect their wallets to these sites unwittingly grant scammers access to their funds, resulting in substantial financial losses.
K9 Finance is a Shiba Inu partner aiming to launch a liquid staking platform on Shibarium, Shiba Inu’s layer-2 blockchain solution. Earlier in March, the K9 Finance team introduced KNINE on Uniswap, a decentralized cryptocurrency exchange. The token’s price experienced a significant rise, exceeding 200% shortly after its debut.
It’s crucial to emphasize that K9 Finance does not currently offer any airdrop or reward program for its KNINE token. Shibarmy Scam Alerts strongly urges Shiba Inu and K9 Finance communities to exercise extreme caution and refrain from connecting their wallets to any suspicious websites claiming to distribute KNINE tokens.
Sample Hoax Unveiled
To further illustrate the deceptive tactics employed by scammers, Shibarmy Scam Alerts shared an example of a fake KNINE airdrop. This particular scheme entices users with a fabricated promise to distribute $400,000 worth of KNINE tokens.
The scam website includes a link where users are instructed to connect their wallets to supposedly receive the airdropped tokens. However, connecting a wallet to this platform grants the scammers complete control, enabling them to steal the user’s cryptocurrency holdings.
The Shiba Inu and K9 Finance teams have consistently prioritized investor safety by issuing warnings regarding KNINE. Notably, before the official KNINE launch, K9 Finance DAO founder Buzz cautioned investors against purchasing the token on any platform before the designated release date. This proactive measure aimed to prevent investors from falling victim to scammers attempting to sell counterfeit KNINE tokens before the official launch.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Shiba Inu Lead Dev Sends Crucial Warning Message to SHIB Holders
K9 Finance Token’s Price Fluctuation
Following its launch on March 7th, the price of KNINE surged dramatically, reaching an all-time high (ATH) of $0.0003543 just a few days later on March 11th. This represented a staggering 700% increase. Since then, the price of KNINE has experienced a correction, currently trading at $0.00009513, reflecting a 72.7% decrease from its ATH.
Remaining vigilant and adhering to official announcements from trusted sources like Shiba Inu and K9 Finance are critical steps towards protecting your digital assets.
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