FLOKI Investors Beware: Developers Issue Critical Warning For The Shiba Inu Competitor

The event team behind popular dog-themed meme coin and Shiba Inu competitor, Floki (FLOKI) has issued a critical warning to investors. The Floki team has alerted its community to be vigilant against a recent scam attack designed to use investors. 

Scammers Goal Floki Investors

On June 29, the Floki team took to X (formerly Twitter) to alert community members concerning the increasing prevalence of scams targeting potential FLOKI investors and current meme coin holders. In accordance with the developers, these scams involve the creation and promotion of pretend tokens presupposed to be legitimate FLOKI coins. 

The scams claimed that Floki had issued tokens on the Ethereum-based blockchain, Base and independent Layer 1 blockchain, Solana. Because of this, the event team indicated that these crypto scams are designed to trick unsuspecting investors into purchasing worthless fake tokens, potentially resulting in significant financial loss for Floki investors. 

The event team emphasized that the FLOKI token is barely tradeable on Binance Coin (BNB) and Ethereum (ETH) network chains with the respective wallet addresses – 0xfb5b838b6cfeedc2873ab27866079ac55363d37e and 0xcf0c122c6b73ff809c693db761e7baebe62b6a2e. 

Moreover, the event team has stressed the importance of vigilance and caution amongst community members and investors. They confirmed that every other claims that FLOKI tokens might be traded on network chains aside from the aforementioned ones are false and deceptive. 

They’ve urged investors to remain secure and confirm the legitimacy of any Floki-related investments or information from official sources before executing any transactions. By spreading awareness of scams, the Floki community can collectively work to thwart the efforts of scammers and promote a secure digital space for investors. 

Prevalence Of Scam Attacks In Meme Coin Market

The Floki development team’s recent warning of pretend scam tokens comes amid a broader trend of increasing scam activities within the meme coin market and broader crypto space. Including Floki, other popular meme coins like Shiba Inu and Dogecoin (DOGE) are continually alerting community members of latest scam attacks targeting investors. 

Earlier on June 2, Shiba Inu’s lead developer, Da Vinci, uncovered an identical scam attack to the recent Floki incident. Da Vinci announced a recent scam involving the spread of pretend TREAT tokens across various crypto exchanges. The TREAT token is the latest token addition to the Shiba Inu ecosystem which is designed to offer liquidity to the SHI stablecoin

On the time, Shiba Inu’s lead marketer, Lucie, reported that the scam attackers had dispersed the fake TREAT coins before the token’s official launch into the market. Investors who purchased these illegitimate tokens, which had no affiliation with Shiba Inu, were unknowingly acquiring worthless crypto assets with no real value or community support. 

Given the unmitigated accessibility of the cryptocurrency space, many malicious actors have sought to use the recognition and volatility of meme coin communities, primarily targeting investors using all types of scam tactics. This rise in scam activity highlights the necessity for increased awareness and vigilance within the digital asset industry. 

Token price falls to each day lows | Source: FLOKIUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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