Wednesday, 19 June 2024

Crypto News

Shibarium executive issues strong warning against exploitation risks

Shibarium executive issues strong warning against exploitation risks

LucieSHIB, Shiba Inu’s marketing specialist, has cautioned the public against potential exploitation risks on Shibarium, the just-released Ethereum Layer-2 scaling protocol.

According to a post by the executive on X, the former Twitter social media app, Shibarium is accessible for development by anyone – similar to other blockchains like Polygon (MATIC) and Ethereum (ETH). However, this openness also renders it vulnerable to potential attacks. Malicious entities could exploit the platform to target decentralized applications (DApps) constructed on the L2 network or deploy fraudulent rug pull tokens.

Users should exercise caution and remain vigilant, as some malicious entities might even utilize names like ‘Shibarium’ or ‘Shib’ in their project titles. It’s important to note that the inclusion of these terms alone does not establish their credibility, the Shibarium tech marketing strategist stressed.

Instead, Lucie offered a set of instructions to assist users in safeguarding themselves while utilizing Shibarium and reducing the risk of encountering phishing links and fraudulent schemes. Users are advised to verify the legitimacy of the protocol or entity by engaging with their official Telegram or Discord channels.

Within these channels, users should assess the community’s overall sentiment, thoroughly examine social media content, and verify transactions through Etherscan. Lucie indicated that while the team places a strong emphasis on user safety, users themselves are also responsible for taking proactive measures.

Related: SHIB, BONE, LEASH tokens dip amid rumors of $2.5M Shibarium gaffe

According to a recent statement from Shytoshi Kusama, the lead developer of Shiba Inu, although the blockchain aims to restore decentralization to the world, it is not without its downsides.

Meanwhile, Shiba Inu launched the Shibarium mainnet, an Ethereum layer-2 scaling solution, on August 16, after months of testing that saw millions of users participate and 21 million wallets created. However, the launch appears to have gotten off to a rocky start, at least when it comes to the price of its related tokens….

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