Tuesday, October 4, 2022
HomeAltcoinsScammers could steal users' Tron funds using the Shiba Inu brand

Scammers could steal users’ Tron funds using the Shiba Inu brand

PeckShield has made a notice on the Tron network about the Shiba Inu token, which appears to be a honeypot for Shiba Inu users looking to migrate their cash to another blockchain.

The contract, according to the blockchain security firm, has a piece of code that allows only whitelisted users to sell the token. Wallet addresses that have received tokens but have not been added to the whitelist will be unable to send money. PeckShield also advised against using tokens or coins that restrict users’ capacity to sell, transfer, or conduct transactions with their own money. Developers frequently launch token sales, distribute tokens, and then prevent some wallets from selling digital assets on exchanges.

The only option to fix the problems and avoid a significant exploit is to fork the entire token, which is nearly impossible to achieve in the case of a token with a small capitalization and number of holders, or in the case of a token with full decentralisation of the community.

The ShibaTron token has a market valuation of $60 million and 5,500 holders, making it a huge project for a token with a significant vulnerability hidden in the code.

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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