Home / News / Crypto / Altcoins / Pawswap on Shibarium Labeled a Scam by Shiba Inu Admin While Certik Gives it Silver KYC Badge
Altcoins
5 min read

Pawswap on Shibarium Labeled a Scam by Shiba Inu Admin While Certik Gives it Silver KYC Badge

Published September 11, 2023 12:20 PM
Teuta Franjkovic
Published September 11, 2023 12:20 PM
Key Takeaways
  • According to Shibarium tech admin DaVinci, “Pawswap” is the scam project funding attacks on Shibarium.
  • The motive for the impersonation was to aid PawSwap in attacking Shibarium.
  • Shibarium transactions surged 100% in three days despite Shiba Inu blockchain attacks.

The Shiba Inu community has just issued an alert regarding a “scam” project that may be behind some of the FUD attacks that have dogged the Shibarium network since its launch on August 16.

Admin Of Shibarium Warns Of Scam Project

A member of the Shibarium tech team by the handle Digarch released a screenshot of the admin warning of a scam project that was going to be implemented on the layer-2 network in a tweet  on the X (previously Twitter) platform.

The allegedly bogus project “Pawswap” funds attacks on Shibarium, said DaVinci, the Shibarium tech admin.

Pawswap is accused of using its community to foment fear, uncertainty, and doubt (FUD) about the network and sponsoring these attacks. By posing as Pawzone, a reputable initiative scheduled to debut on the Shibarium network, the project and its crew, according to DaVinci, had entered the Shibarmy.

As a result, he advised the Shib community to protect the ecosystem against projects like Pawswap, which he referred to as “Scam or Shitcoin,” and to steer away from them.

Digarch, who posted the screenshot, explained that Pawzone was distinct from Pawswap, which DaVinci had mentioned, and that Pawzone was the group responsible for the NFT marketplace Pawzaar, which will soon be one of the NFT marketplaces that will be available on Shibarium.

The dedicated Shibarium community expressed concerns about the scam notice, which has prompted a response from another powerful member.

They made it clear that DaVinci’s assertion is just his personal opinion and not investment advice. They nevertheless voiced unity with other SHIB supporters and reiterated their prior support for PawZone (PAW). Additionally, they emphasized the impending Pawzaar feature, a cutting-edge NFT marketplace on Shibarium ready to compete with services like OpenSea.

Shibarium has assets locked in the platform that are currently valued at about $801,000, according to the most recent data from DefiLlama . Shiba Inu’s protocol held an amazing $1.47 million in total value locked just one week ago, but it is a drop from its peak.

Is Pawswap Genuine?

Following Digarch’s tweet, another member on the X platform asserted that Pawswap wasn’t a fraud and noted that the project had received certification from Certik , a reputable blockchain security company, which always gives the public confidence in a certain project.

Further research revealed this user’s claim is true, since information from Certik’s website indicates  that the project was given a silver KYC badge on September 3.

Certik vetted eight of the project’s core team members as part of the verification process and examined the token contract.

The project intends to build its decentralized exchange (DEX) on the Shibarium network, which is also worth highlighting. Therefore, one could wonder why the Pawswap team would want Shibarium to fail since it does not serve the team’s interests. With more than 13,000 followers on its X platform, the project also appears to have a sizable fan base.

Even though there are no guarantees that Pawswap is legitimate or not a hoax, as DaVinci claims, it is crucial for the community to conduct due diligence constantly.

The influx of tokens and projects into the Shibarium ecosystem is something that the network’s principal developer, Shytoshi Kusama, has often underlined in the network’s updates.

Increase in Shiba Inu Transaction Volume

Shibarium has seen a remarkable increase in transaction volume over the last two days despite the community’s problem with scams. Shibariumscan data  shows that since last week, the number of transactions has more than doubled, rising from a high of 88,630 to a startling 177,050 transactions in the past day alone. The total number of transactions that passed through the blockchain during this time, as a result of this increase, reached an astounding 420,000.

Shibarium’s cumulative transaction count has reached a staggering 1.74 million since its complete launch at the end of August because of the rapid increase in activity, marking an important achievement for the Shiba Inu ecosystem.

Was this Article helpful? Yes No