Shibarium Launch Raises Exploitation Concerns

Lucie, the marketing specialist for Shiba Inu, has warned the public about potential exploitation risks associated with Shibarium, the newly-released Ethereum layer-2 scaling protocol.

According to a remark by the executive on X (previously Twitter), anyone can develop Shibarium, similar to other blockchains such as Polygon and Ethereum.

Nonetheless, this transparency makes it susceptible to prospective attacks. Using the platform, malicious actors could target decentralized applications built on the layer-2 network or deploy fraudulent rug pull tokens.

Lucie emphasized that users should employ caution and remain vigilant, as some exploiters may use the Shibarium name in scam project titles.

Lucie provided a set of guidelines to aid users in protecting themselves while using Shibarium and to reduce the likelihood of confronting phishing links and fraudulent schemes.

Users are advised to engage with the official Telegram or Discord channels of the protocol or entity in question to confirm their legitimacy.

Users should evaluate the overall sentiment of the community within these channels, thoroughly investigate social media content, and verify transactions using Etherscan.

While the team places a strong emphasis on user safety, it is also the users’ responsibility to take proactive measures.

According to a recent statement by Shiba Inu’s chief developer, Shytoshi Kusama, even though the blockchain intends to restore decentralization to the world, it is not without drawbacks.

Shiba Inu launched the Shibarium mainnet on August 16, following months of testing in which millions of users and 21 million purses were created.

With regards to the price of its ecosystem tokens, however, the launch appears to have gotten off to a shaky start.