The Shiba Inu channel has issued an alert about a new scam based on the distribution of fake K9 Finance (KNINE) tokens.
The actions of the fake sites are aimed at stealing funds from investors' wallets.
As stated in Shiba Inu's X alert, scammers have taken advantage of the popularity of the K9 Finance DAO (KNINE) token and reported a free token giveaway to gain access to investors' wallets.
The scam alert channel, Shibarmy, reminds community members that there are no rewards programs in place, so it pays to be careful not to link your wallet to any sites.
"K9 does not offer any giveaways that you can claim, so please do not link your wallet to any sites to participate in these giveaways or to receive rewards," Shibarmy informed.
Loading...
Previously, the team at K9 Finance, Shiba Inu's partner company, announced plans to launch a liquid steak platform on Shibarium. When K9 launched KNINE on Uniswap, its value immediately skyrocketed by over 200% of its launch price.
Loading...
A few days after the launch, KNINE soared 700%, and on March 11th, it reached an all time high (ATH) of $0.0003543. At the time of writing, the value of KNINE has dropped to $0.00009513.
Users who are interested in the token are caught in the crosshairs of scammers who set up phishing sites promoting KNINE and offering airdrops as part of the token promotion.
Since Shibarmy Scam Alerts identified fake KNINE airdrops in X, community members have been warned by K9 Finance to be wary of such offers.
Shiba Inu and K9 investors were asked not to link their wallets to the fake sites, and a scam post about a non-existent giveaway was published for confirmation. The channel featured a fake advertisement in which the scammers reported a giveaway of $400,000 worth of KNINE tokens.
Representatives of Shiba Inu and K9 have repeatedly warned users about the activity of the attackers and the lack of free KNINE giveaways. The goal of the project team is to protect investors from unauthorized access to their wallets.
K9 Finance DAO founder Buzz had already warned investors before the token's release that scammers were trying to sell fake KNINE tokens before the official launch date.
Related: Meme coin market on the move, pointing to a new rally