Lucie, a recognized member of the Shiba Inu team and SHIB influencer, recently issued a warning to the SHIB community ahead of the upcoming debut of the SHEboshis nft, a new collection within the Shiba Inu ecosystem.
SHEboshis NFTs will be tradable on Uniswap and ShibaSwap, with plans to move to Shibarium in the future. The SHIB team aims to kick off the next phase of Shib nft by releasing the first claimable set to SHIboshi holders for free.
However, SHEboshis, based on the ERC-404 token standard, have not yet been launched. Through her X hers account, Lucie warned the community to beware of possible scams related to this collection, emphasizing that the NFTs will be airdropped only to Shiboshi holders.
WE DID IT!!!
we are in trend #sheboshis @sheboshis pic.twitter.com/emNkvMeOHR
— | Shibario (@LucieSHIB) February 15, 2024
Additionally, Lucie's warning comes following a growing number of scams from malicious nft projects seeking to capitalize on the ERC-404 trend. Users should note that this is an unofficial experimental token standard that is currently in the ethereum Improvement Proposal (EIP) process for official recognition by the ethereum Foundation.
Hackers profit from ERC-404 trend
The ERC-404 standard has gained popularity in the crypto community. It aims to combine two token standards: ERC-721 for NFTs with ERC-20 for fungible tokens to allow for fractional NFTs.
Unsurprisingly, cryptocurrency scammers are now tricking users into believing their NFTs use that standard. One user appears to have fallen for it, as he spent $113,000 in gas fees to purchase a token called $NO (No Handle), which is traded as an ERC-404 token.
In 35 minutes, $NO skyrocketed from $6.80 to $70,000, only to plummet back to $0. Lookonchain On-Chain Analytics Platform saying the user was “rude”.
This trader who made ~$1.1 million in #PANDORA spent 42.88 $eth($113,672) of gasoline to buy the #ERC404 symbolic $NO.
Unfortunately, he was bumpy and lost 42.88. $eth($113,672)!https://t.co/UR0Zc4TQxS pic.twitter.com/C8EQrJWwhb
— Lookonchain (@lookonchain) February 13, 2024
At the time of this publication, Shibarium burn rate has seen a 14% increase. Likewise, daily SHIB transactions on L2 increased almost 300% in February, rising from half a million to almost two million on February 12.
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