Top Ally warns of tricky honeypot scams

The top allies of the Shiba Inu (Shib) project warn about a “honeypot scam” using the name of open source crypto company Zama. Shiba Inu is working with Zama to implement fully isomorphic encryption (FHE). This is a privacy solution that allows developers to use data on untrusted domains without requiring decryption.

Dr. Rand Hindi, CEO and co-founder of Zama, recently took him to X to issue warnings relating to Shiba Inu and the Crypto community. “This is a fake. There are no Zama tokens yet. Please don’t get a rect,” Hindi wrote.

The alerts are about fraudulent “Zama” tokens based on Binance Smart Chain (BSC) that caught the attention of the Crypto community. However, members of the Eagle Eyed community were able to quickly spot a scam called “Honeypot Scam.” With this type of scam, buyers can purchase tokens but not sell them.

Hindi has revealed that fake Zama tokens are not affiliated in any way with the actual Zama encryption project, which is entirely focused on homosexual encryption (FHE). Despite Zama’s presence in the crypto and privacy sectors, the claims suggesting that no official tokens have been released and that they are not is a fraudulent attempt to harness the brand’s reputation.

Other warnings issued

Susbarium is a Shiba Inu-focused X account dedicated to publishing scams and protecting the Shiba Inu community, and recently warned the Shib community about fake exit emails about flooding your inbox with the subject “Exodus Wallet: Active Keep It Active.”

Susbarium warned that this was a scam designed to steal users’ funds, urging the Shiba Inu community not to fall into it. This is because there is no need to validate to keep the wallet active. Also, the support of actual Exodus wallets never ask for their seed phrases.

To be secure, cryptocurrency owners must always visit the official website that clearly states “no phone support.” You should also avoid scam hotlines and bots. Also, do not share keys.