The team behind the $24 billion Shiba Inu altcoin warns about a scam targeting potential investors

• Scammers have been targeting shiba inu online, said the team behind the altcoin.
• The Shib team in a video warning told investors to "stay alert" for fake groups and giveaways using shiba inu hashtags.

The people behind the shiba inu altcoin, which has swelled to a $24 billion valuation this year, issued a fraud alert Sunday, warning investors that its community is being targeted by online scammers.

"Stay Alert & Safe #ShibArmy!," said the so-called Shib team in a video posted on Twitter, saying it's been made aware of a recent scam traveling across various social and communication platforms.

"A Fake Shiba Inu Telegram group is being shared across social media. The scammers impersonate official accounts, and create fake users," and reply to general posts using hashtags associated with shiba inu including #SHIB #LEASH and #SHIBASWAP, the team said.

The group also alerted investors to not share wallet keys or provide email addresses or passwords to anyone. "There is no: Breaking News! Big Event! There is no: Shiba Airdrop!," it said in the video.

Shiba inu's price was down on Monday, off by 0.2% at $0.00004493, and hovered around a valuation of $24 billion.

The warning comes as the ethereum-based dogecoin spinoff has soared in popularity and market valuation. In rallying during October, it shot up to a nearly $36 billion market capitalization from $3.59 billion at the end of September and became the 11th most valuable cryptocurrency.

It's listed on Coinbase, the largest crypto exchange in the US, as well as on Crypto.com and eToro. This month, it was added to the crypto exchange Public and to Gemini, the crypto exchange run by the Winklevoss twins.

But other exchanges said they will continue monitoring shiba inu before listing. Robinhood, for one, said it would focus on investor protection before listing the token.

Shiba inu was launched in August 2020 by someone called Ryoshi, who outlined a goal of moving away from "rigid social structures and traditional mindsets" in a 28-page white paper, dubbed a "woof paper."