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The development 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 new scam attack designed to exploit investors.
Scammers Target Floki Investors
On June 29, the Floki team took to X (formerly Twitter) to alert community members about the increasing prevalence of scams targeting potential FLOKI investors and current meme coin holders. According to the developers, these scams involve the creation and promotion of fake tokens purported 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. As a result, the development team indicated that these crypto scams are designed to trick unsuspecting investors into purchasing worthless fake tokens, potentially leading to significant financial loss for Floki investors.
The development team emphasized that the FLOKI token is only tradeable on Binance Coin (BNB) and Ethereum (ETH) network chains with the respective wallet addresses – 0xfb5b838b6cfeedc2873ab27866079ac55363d37e and 0xcf0c122c6b73ff809c693db761e7baebe62b6a2e.
Additionally, the development team has stressed the importance of vigilance and caution among community members and investors. They confirmed that any other claims that FLOKI tokens can be traded on network chains other than the aforementioned ones are false and deceptive.
They have urged investors to stay safe and verify 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 safe digital space for investors.
Prevalence Of Scam Attacks In Meme Coin Market
The Floki development team’s recent warning of fake scam tokens comes amid a broader trend of increasing scam activities in 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 new scam attacks targeting investors.
Earlier on June 2, Shiba Inu’s lead developer, Da Vinci, uncovered a similar scam attack to the recent Floki incident. Da Vinci announced a new scam involving the spread of fake TREAT tokens across various crypto exchanges. The TREAT token is the newest token addition to the Shiba Inu ecosystem which is designed to provide liquidity to the SHI stablecoin.
At 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 exploit the popularity and volatility of meme coin communities, primarily targeting investors using all forms of scam tactics. This rise in scam activity highlights the need for increased awareness and vigilance in the digital asset industry.
Featured image created with Dall.E, chart from Tradingview.com
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