Dhairya has identified some scam tokens on Shiba Inu’s network.
Crypto hackers have stolen over $1.2bn in Q1 2022.
Hackers are trying to infiltrate the Shiba Inu network.
LAGOS (CoinChapter.com) — While the blockchain and decentralized finance (DeFi) industry is growing remarkably, so has crypto crime in the space also recorded an uptick.
In detail, following the recent exploit of play-to-earn Axie Infinity’s Ronin Network a developer has called out suspicious activity on Shiba Inu’s network.
Kaal Dhairya, a top developer on Shiba Inu’s protocol via a recent blog post issued a warning regarding hackers trying to infiltrate the “Shiba Inu: Deployer.” He identified some scam tokens on the meme token network that can be used to orchestrate malicious activities. He said:
“At first when I saw an incoming transaction of the $WERSE token into “Shiba Inu: Deployer 2” I was pleasantly surprised but did not dig […]. But upon looking deeper into the code I have found this is another scam (or clever marketing).”
Dhairya explained that the fraudsters have crafted code specifically designed to emit malicious events about the actual sender and recipient. He noted that the smart contract will disguise these scam tokens and allow them access to prominent wallets.
The developer urged Shiba Inu’s community to beware of the malicious fraudulent activities and to always check only official channels for announcements.
Shiba Inu Previous Hack Attempts
Furthermore, it is worth noting that this is not the first time hackers will attempt to infiltrate Shiba Inu’s network.
In November last year, Shiba Inu’s developers warned its community of scams targeted at them by scammers. The team stressed that it doesn’t offer any giveaways or airdrops, asking them to be wary of such offers.
Also, blockchain security firm PeckShield recently detected a fake Shiba Inu token that was reportedly issued on the Tron blockchain.
Crypto Hackers Have Stolen Over $1bn In 2022 So Far
Meanwhile, the crypto industry has suffered several scales of crypto exploits already this year. According to crypto security firm Immunefi, investors have lost over $1.22 billion to hackers in the first quarter of 2022.
Axie Infinity’s Ronin Network which was exploited for about $625 million, became the largest hack in decentralized finance (DeFi) history. Also, Beanstalk Farms, a credit-focused stablecoin protocol built on Ethereum, lost over $182 million in another attack.
Additionally, Wormhole, one of the biggest cryptocurrency platforms that offer bridges to Solana and other blockchains, was hacked for about $320 million in February. Similarly, a week prior to Wormhole’s attack, DeFi protocol Qubit Finance also lost about $80 million worth of BNB.
However, experts have indicated that these hacks are bound to happen because of the fast growth of the DeFi space. Adrian Hetman pointed out that the attacks are more rampant because of the growth crypto industry.
Mitchell Amador, CEO and founder of Immunefi said more crypto hack and exploit would occur as the industry grows. He said:
“We should expect these types of [sophisticated] attacks to continue to increase. as DeFi gets bigger and bigger, these kinds of attacks become more and more lucrative.”
Daniel Abel is an experienced journalist and crypto enthusiast. He has been covering the blockchain and crypto industry since 2018 and believes digital currency is the future.
LAGOS (CoinChapter.com) — SafeMoon continues to experience negative outings in the news as new allegations of double-dealing have emerged...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.