Shytoshi Kusama urges caution over false SHIB wallet claims

Shytoshi Kusama, the lead developer of Shiba Inu (CRYPTO:SHIB), has issued a warning to the crypto community regarding misleading claims about large SHIB wallets. 

Kusama highlighted the need for users to verify such assertions before accepting them as true, cautioning against the potential financial risks of falling for misinformation. 

In a statement shared on social media, Kusama emphasised the importance of verifying any claims of billion-dollar SHIB holdings. 

"I have noticed accounts claiming to own billion-dollar SHIB wallets. I recommend questioning and verifying the situation before blindly believing such distorted claims," he said. 

He urged investors to follow a simple verification process by contacting the wallet owner and requesting a transfer of the stated SHIB amount to another wallet, which could help prevent falling into traps set by fake whale claims. 

At the same time, Shiba Inu's price has seen a 5% increase, reaching $0.00001829, reflecting broader market trends. 

According to data from Coinglass, open interest in SHIB futures has risen by 7%, totaling $50.33 million, while derivative trading volume surged by 40%, hitting $132.78 million. 

These statistics suggest an increase in investor activity and interest in the token. 

Kusama's warnings aim to protect investors from false claims and deceptive practices, especially in a volatile and rapidly evolving market like cryptocurrency. 

As interest in SHIB continues to grow, Kusama’s message underscores the importance of remaining cautious and conducting thorough due diligence to avoid potential financial pitfalls based on misinformation. 

At the time of writing, the Shiba Inu price was $0.00001872.