- A fake “Zama” token is tricking SHIB investors on Binance Smart Chain with a honeypot scam.
- Zama CEO confirms no official token exists, warning users not to fall for the fraudulent asset.
- SHIB community also faces phishing threats from fake Exodus wallet emails demanding seed phrases.
The Shiba Inu community has been alerted to a dangerous scam involving a fake token falsely used by the cryptography company Zama. This fraudulent scheme surfaced on Binance Smart Chain and has already caught the attention of Shiba Inu supporters and the wider crypto audience.
According to Dr. Rand Hindi, the CEO and co-founder of Zama, the token is completely fake and has no ties to the real company. Hindi issued a direct warning on X, urging users not to fall for the scam. This was followed by the message he gave after one of the community members reported the suspicious activity of the tokens.
This is a typical honeypot scam in which the buyer is allowed to buy the token but cannot sell it. Such an arrangement renders the users’ funds inaccessible, and evil users can misuse the smart contract to siphon off the wallets. The fact that the token contains the name Zama has only enhanced the confusion because the authorised Zama project is collaborating with Shiba Inu on privacy technologies.
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Zama is also credited with work in fully homomorphic encryption (FHE), which is a form of privacy that enables the processing of data without decryption. Although there is no official Zama token, the Shiba Inu project is partnering with Zama to deploy FHE into its ecosystem. Any such token that is peddled is a scam and constitutes a significant financial risk.
Multiple Fraud Alerts Hit Shiba Inu Community as Scammers Target Wallet Users
In addition to the fake token, another scam is targeting users through fake Exodus wallet emails. These emails, flagged by Susbarium—a Shiba Inu-focused account on X—pretend to be from the official Exodus team and have subject lines like “Exodus Wallet: Keep It Active.”
The texts will attempt to deceive users into revealing sensitive data, like seed phrases. Susbarium refreshed the community on the fact that no one has the right to demand such data in the name of operating a wallet. They also cautioned against advertising phone support numbers or automated bots through unofficial channels.
Majority of cryptocurrency holders should ensure that they always be aware of any interaction on verified platforms and avoid communicating with an otherwise unverified token or email. As more advanced privacy utilities are employed, fraudsters continue to use trusted identities such as Zama to trick users.
Shiba Inu developers and Zama leadership are warning users to stay alert and avoid falling victim to fake token scams. Before taking action, always confirm project announcements through official channels.
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