'Shiba Inu' token scams surge with the virtual currency's popularity

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Nov 23, 2021 | CYBERSCOOP

When the Shiba Inu token, a meme-based virtual currency, hit its highest all-time value in October, it didn’t take long for scammers to seize on the trend for their own benefit.

Live YouTube videos promising bogus giveaways of the token have racked up hundreds of thousands of views, while groups on Telegram promoting other frauds have also exploded, according to research shared exclusively with CyberScoop.

Many Shiba scams identified by the security firm Tenable all take a nearly identical approach. Accounts live-stream old footage from a June event featuring Jack Dorsey and Elon Musk, a popular name among crypto enthusiasts, with on-screen instructions for users to send an arbitrary amount of currency into a wallet, with the promise of getting twice as much or more in return.

Scams have earned $239,000 worth of cryptocurrency since October 20, based on an analysis of online wallet addresses associated with nefarious Shiba Inu-themed pages, according to Satnam Narang, a researcher at Tenable. Such ruses are known as “giveaway scams” and are among the most common forms of cryptocurrency fraud, according to the Federal Trade Commission.

While Shiba might be the latest virtual currency to

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