What is SHIBA (SHIB) Giveaway Scam

SHIBA (SHIB) Giveaway Scam refers to a cryptocurrency scam that promises to double any Shiba transfers made to a specific wallet address. It’s a very typical crypto scam that is often advertised on social media like Twitter, particularly below tweets of Elon Musk. The way the scam works is scammers create a website that has all the information about the supposed crypto giveaway and provide links to it on various forum posts, social media, etc. Users who visit the site are tricked into sending their Shiba crypto coins to the provided addresses to supposedly receive double the amount they sent. While users are promised large amounts of money from this giveaway, in reality, they send their money to cybercriminals and receive nothing in return.

SHIBA SHIB Giveaway Scam

This particular scam claims that it’s giving away 1 trillion Shiba coins, which is around $41 million at the time of writing. Just like in the majority of crypto scams, Elon Musk’s name is used to promote the scams. Because Elon Musk has expressed interest in cryptocurrencies and somewhat due to his significant following, his name is often used in these scams. It’s worth mentioning that Elon Musk himself has nothing to do with crypto scams.

It goes without saying that this is nothing more than a scam. However, new investors in particular are susceptible to crypto scams because they are yet to be aware of how crypto investments work and how common scams are.  If you send your Shiba coins to the provided wallet address, you will get nothing in return. It should also be mentioned that 99% of the time, crypto giveaways are scams. You can encounter them anywhere, including Twitter, Facebook, YouTube, Reddit, etc. Though platforms like Reddit, especially crypto subreddits, are quite well moderated so the majority of crypto scams are removed before anyone can fall victim to them.

The wallet address we have encountered in one of these crypto scams does not have any transfers made to it, indicating that either the scam is not as widespread or users are becoming better-informed of these types of scams.

Elon Musk’s name is often mentioned in crypto scams

Billionaire Elon Musk is almost always mentioned in these crypto scams, mostly because he does talk about cryptocurrencies on his Twitter account. This has caused an increase in scammers promoting their crypto scams with his name. If you check his tweet replies, you will notice plenty of fake Elon Musk Twitter accounts promoting crypto giveaways. To the inexperienced users, the fake profiles may look convincing but a more detailed inspection would quickly reveal the truth. However, for many new investors who know very little about cryptocurrencies and investing, the profiles may be enough to convince them to fall for the scam.

The Twitter accounts that are made to look like Elon Musk’s account would have the same profile picture and name but nothing else would match. The fake accounts would have a different Twitter handle and the profiles would be more or less empty. Scammers often hijack legitimate Twitter accounts with big numbers of followers to make them into fake Elon Musk accounts. However, considering that the legitimate Elon Musk Twitter account has over 61 million followers, it’s difficult to make the fake accounts appear even a little bit convincing.

The SHIBA (SHIB) Giveaway Scam is also promoted using Elon Musk’s name, and you can find fake profiles promoting the scam below legitimate Elon Musk tweets. Keep in mind that all cryptocurrency giveaways promoted on platforms like Twitter are scams.

If you are randomly redirected to the SHIBA (SHIB) Giveaway Scam, check your computer for adware

If you ended up on a site promoting the SHIBA (SHIB) Giveaway Scam because you clicked on a link, you don’t need to do anything. Though you should be more careful about the links you click on in the future. However, if you were randomly redirected to the site, it may be a good idea to check your computer for an adware infection. Adware is relatively harmless but it can redirect to questionable sites and show intrusive ads. And it’s easiest to both detect and remove adware infections using anti-virus programs.

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