Shiba Inu, a two-month-old token, has surprised investors after an 1821% increase yesterday. The token is now worth $0.009861. However, experts believe that the token is a massive scam that has tricked investors into gaining huge profits. The unprecedented rise of the token has significantly degraded Shiba Inu’s worth. The presence of Shiba Tron on social media represents a possible scam. Investors are likely to lose their money. FXEMPIRE reports that only specific whitelisted investors can sell the tokens or transfer them; most investors can’t do either.
Investors were inclined towards huge returns
The reports say that Shiba Tron offers 6% on each transaction to draw investors’ attention. FXEMPIRE reports that SHIBT possesses 10 billion units; 4 billion have been burnt. The token holders will get 6% from every transaction; the lucrative offers lead to mass investment. Reports show 6,000 SHIBT investments at present. The total worth of the token is $10.3 billion. The official Twitter account has no original tweets, but it gives a similar reply to each comment. The investors are in deep trouble due to the restrictions of the transfer and trade of the tokens.
Crypto market is infested with scams and frauds
Various crypto experts have condemned the SHIBT and have warned investors against investing in it. The diversifying crypto market is home to many scammers and online fraudsters. The reports suggest that the crypto market has witnessed scams since its inception. However, such cases have risen significantly in recent times. Investors and traders need to be aware of data leaks and other security threats. Millions of new generation investors put their money in the digital market to want higher profits within a short period.
North Korea takes unfair advantage of the market
FXEMPIRE reports that North Korea’s intelligence agencies have one of the most prominent cybercriminal organizations, The Lazarus Group. The data shows that the country has illegally drawn out cryptocurrencies worth $400 million. The administration utilized this money to carry out the nuclear and ballistic missile development program. The crypto scams are of huge magnitudes, and the scammers use the funds in various notorious activities that harm the investors.