The development team behind the popular dog-themed meme and Shiba Inu competitor, Floki (FLOKI) issued a critical warning to investors. The Floki team has alerted its community to the need to be vigilant in the face of a new fraudulent attack designed to exploit investors.
Scammers target Floki investors
On June 29, Team Floki took to X (formerly Twitter) to alert community members about the increasing prevalence of scams targeting potential FLOKI investors and current coin holders. According to the developers, these scams involve the creation and fake token promotion supposed to be legitimate FLOKI coins.
The scams claimed that Floki had issued tokens on the Ethereum-based blockchain, Base, and the independent layer-1 blockchain, Solana. As a result, the development team indicated that these crypto scams are designed to deceive unsuspecting investors purchase of fake worthless tokenswhich could result in significant financial losses for Floki’s investors.
The development team emphasized that the FLOKI Token is only negotiable on Binance Coin (BNB) and Ethereum (ETH) network chains with respective wallet addresses – 0xfb5b838b6cfeedc2873ab27866079ac55363d37e and 0xcf0c122c6b73ff809c693db761e7baebe62b6a2e.
Furthermore, the development team 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 those mentioned above are false and misleading.
They urged investors to stay safe and verify the legitimacy of any Floki-related investment or information from official sources before executing any trade. raise awareness of scamsThe Floki community can work collectively to thwart the efforts of scammers and promote a safe digital space for investors.
Prevalence of fraudulent attacks in the meme coin market
The Floki development team’s recent warning about fraudulent fake tokens comes as part of a larger trend increase in fraudulent activities in the meme coin market and the broader crypto space. Including Floki, other popular meme coins like Shiba Inu and Dogecoin (DOGE) continually alert community members of new fraudulent attacks targeting investors.
Earlier on June 2, Shiba Inu lead developer, Da Vincidiscovered a fraudulent attack similar to the recent Floki incident. Da Vinci announced a new scam involving the spreading fake TREAT tokens on various cryptocurrency exchanges. TREAT token is the latest token addition to the Shiba Inu ecosystem that is designed to provide liquidity to SHI stable coin.
At the time, Shiba Inu’s marketing manager, Lucy, reported that fraudulent attackers had dispersed fake TREAT coins before the token was officially launched on the market. Investors who purchased these illegitimate tokens, which had no affiliation with Shiba Inuwere unknowingly acquiring crypto assets with no real value or community support.
Given the complete 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 increase in fraudulent activities highlights the need for increased awareness and vigilance in the digital asset sector.
Featured image created with Dall.E, chart by Tradingview.com
