Scammers Posing as Shiba Inu Drain Wallets in LEASH V2 Phishing Frenzy

Shiba Inu has issued multiple urgent warnings to its community regarding fraudulent activities tied to the upcoming LEASH V2 migration, as fake accounts and phishing attempts have increased significantly. The Shiba Inu team has emphasized that no presales, private airdrops, or special offers are associated with the LEASH V2 migration, urging holders to remain cautious and verify all information through official channels. Community figure Lucie reported that scammers are creating fake profiles to deceive users with false claims of early access or exclusive deals, further exacerbating the risks for investors.

According to the team, the migration process to LEASH V2 will only occur via the official website, shib .io, and users are explicitly warned against clicking on unverified links or sharing wallet details with unknown sources. Scammers have been impersonating official accounts on platforms like Telegram, directing users to fraudulent sites or messages that request wallet connections or token transfers. These tactics have led to stolen funds, underscoring the need for heightened vigilance within the Shiba Inu community.

The Shiba Inu team has also confirmed that the LEASH V2 upgrade is in progress, with developers working to address previous supply issues by implementing a fixed supply model. This change aims to prevent the creation of new tokens and ensure long-term sustainability for the ecosystem. The migration process will include a burn-to-claim mechanism, and an external auditor has been hired to review the contract before its official release. Exchanges are being engaged to facilitate a smooth transition, while a public testnet and bug bounty program will be launched to allow community testing and improve security.

Amid the scam warnings, the Shiba Inu ecosystem has also faced broader challenges, including a sharp decline in activity on its layer 2 blockchain, Shibarium. Daily transactions on the network plummeted from approximately 4.8 million on August 20 to just 9,590 ten days later, representing a 99.8% drop. This decline has raised concerns about the project’s adoption and user engagement, especially as the broader crypto market remains sluggish. Despite this, on-chain data indicates that Shibarium’s technical fundamentals remain robust, with over 1.56 billion cumulative transactions and continued block production.

To counter the growing threat of fraud, the Shiba Inu team has reiterated that any token not listed on the official SHIB website is not part of the ecosystem. This includes an unofficial version of the LEASH token on Solana , which the team has explicitly warned users to avoid. Additionally, the team has identified coordinated networks of malicious actors attempting to exploit vulnerable investors through phishing attempts and fake migration sites. These activities highlight the need for a strong security-first approach as the project moves forward with its planned upgrades.

Despite the challenges, the Shiba Inu community remains active, with over three trillion SHIB tokens traded on Sunday, indicating sustained interest in the token. While price movements have not always met community expectations, the ecosystem continues to generate excitement, particularly around the LEASH V2 upgrade. As the Shiba Inu team works to implement necessary changes, it remains committed to ensuring a transparent, secure, and fair migration process for all holders.