ShibArmy Scam Alerts has issued warnings to users about a surge of Clipper malware, which targets cryptocurrency transactions through altering wallet address. Shibarium’s layer-2 Blockchain, which is part of the Shiba Inu Ecosystem, experienced an increase in network traffic and transaction fees, raising concerns about its long-term viability.
Shibarium Transaction fees skyrocket over 2,000% amid a surge in network activity
Shibarium (the layer-2 blockchain for the Shiba Inu eco-system) has seen a surge in the transaction fee over the last 24 hours. Shibariumscan data shows that the number of tokens used to pay for gas has risen from 15,67 tokens to 317, a 2,024% jump in just 24 hours. The unprecedented increase in gas fees has prompted discussions about the future viability of the network and its scalability.
BONE is the Shibarium native token. BONE, like Ethereum’s ETH, is used for transactions within the Shibarium Network. BONE is not only used to facilitate network transactions but also has a key role in Shiba Inu’s deflationary mechanism. Every time there is a network transaction, BONE, which was used to pay for gas, is converted into the original token, SHIB. This token then goes to the designated burn wallet. The mechanism is designed to gradually reduce the total SHIB supply, which contributes to deflationary tokenomics.
Shibarium’s average transaction fees also increased sharply as the amount of BONE used for gas fees soared. The average BONE per transaction has increased by 1,188% in the last 24 hours. The fees have gone up from just 0.00345 to 0.041. This sudden increase in fees has caused concern among members of the community about affordability and accessibility.
This sudden rise in transaction charges isn’t happening by itself. It coincides with an increase in network activity. Shibarium processed 70% more transactions between Sept. 18-19, going from 4,537 to 7,715. The number of accounts that interact with the Shibarium network has increased by 157.14%. This is a jump from 42 users to 108 during this time period.
The numbers show a rising interest in Shibarium, which is driving up the gas fee. The demand for BONE tokens increases as more users join the Shibarium ecosystem, which leads to increased transaction fees.
The sudden rise in transaction fees is raising serious questions regarding the sustainability of Shibarium. Shiba Inu members are concerned that escalating transaction fees could discourage new users.
Shibarium initially was introduced to address Ethereum’s high fees for gas and its scalability issues. Layer-2 blockchain was designed to make transactions within Shiba Inu’s ecosystem more cost-effective and efficient. The network’s promise to be affordable is now in question, as transaction costs have risen sharply over a relatively short time.
Potential Solutions on the Horizon
Shiba Inu’s developers are responsive to the community and have been proactive about addressing challenges in their network. Analysts speculate that the increase in fees may lead to further innovation, enhancing Shibarium’s scalability while lowering transaction costs.
Shibarium, a layer-2 network that aggregates transactions in a rollup or another way to reduce fees spikes. Developers may look at scaling solutions to handle the growing demand for network services without impacting the user experience.
A BONE tokenomics adjustment to accommodate the increasing number of transactions is another possibility. The network can balance rapid growth and affordability by tweaking its gas fee mechanisms or offering discounts on certain transactions.
Shibarium’s user base continues to grow, and the volume of transactions is increasing. The role BONE plays in this ecosystem will continue to increase. BONE plays a crucial role not just in facilitating transaction but also for Shiba Inu’s tokenomics over the long term, especially through SHIB burning. Each transaction that includes BONE gas charges on Shibarium contributes to the reduction of the supply of SHIB and could increase its long-term value.
The recent spike in fees may cause concern but it is also a sign of growing trust in Shibarium as an important player in crypto. It will be fascinating to watch the evolution of the Shibarium ecosystem as more users and developers adopt it.
Shiba Inus and other cryptocurrency users are at risk of serious cyber-attacks following a surge in Clipper attacks. The Clipper malware poses serious risks to the funds of users. It targets cryptocurrency transactions and intercepts wallet addresses. ShibArmy, a Shiba-focused X Account, issued a stern alert to warn the Shiba community about the growing dangers of malicious software.
The Clipper malware is active on multiple platforms and has been resurfacing in the last few months. Crypto holders are on alert. This malware’s rise highlights ongoing threats in the crypto space, and how important it is for users to be vigilant.
Clipper, which was first discovered in 2017, has become more sophisticated over the years and is now widespread. This malicious software operates by monitoring users’ clipboards–specifically looking for copied cryptocurrency wallet addresses. Clipper malware replaces an attacker’s address when a user copies a wallet address in order to send money. If the user does not double check the details of the transaction, funds may be sent to a scammer instead of the intended recipient.
Clipper was originally a Windows-based malware, but its influence has now spread to mobile devices. The malware is spreading via malicious Android and iOS apps. Although Android users tend to be more targeted than iOS users, they are still susceptible.
Clipper malware’s resurgence in 2023 led to an increase of attacks that affect thousands of cryptocurrency users on various platforms. These attacks will primarily target those who use cryptocurrency wallets, exchanges and decentralized financial tools (DeFi).
Binance, the largest cryptocurrency exchange in the world, responded to an increase of Clipper malware by blocking suspicious addresses and contacting affected users. The risk for cryptocurrency users remains high despite these efforts. Cybercriminals are constantly developing new ways to exploit vulnerabilities on desktops and mobile devices.
Clipper malware is particularly dangerous because of the irreversible nature cryptocurrency transactions. The scammers have limited recourse to recover the stolen funds.
ShibArmy Scam alerts: Responses
ShibArmy Scam Alerts is a Shiba Inu focused account that has been leading the charge in alerting the community to the threat of Clipper. In a tweet sent out recently, this account shared valuable information and prevention measures cryptocurrency users can use to avoid falling prey to malware.
The account states that the user’s vigilance is the key in preventing Clipper malware. ShibArmy Scam Alerts, in response to the increasing number of cyber attacks, has provided the cryptocommunity with essential safety precautions:
- Check Wallet addresses twice: The easiest and most effective way to prevent Clipper malware, is to always double-check wallet addresses prior completing any transactions. Take a few extra seconds to check the copy of the address against the original to make sure it’s not been changed by malware. This can prevent users from transferring funds to fraudulent account.
- ShibArmy warns users to only use official apps. ShibArmy advises them that they should only install cryptocurrency apps on trusted platforms, like the Apple App Store or Google Play Store. Clipper-infected malicious apps can be found on third-party websites or app stores. Users should only trust verified sources.
- Update security software: It is important that users update their antivirus programs. This will help them detect malware and stop it before the threat has an opportunity to infect the computer. Users of cryptocurrency can benefit from antivirus programs that detect malware and ransomware.
- Use caution when installing unofficial plugins or apps: Be cautious when you use software, third-party applications, and plugins that have not been tested. Apps that are not official lack security features found on legitimate apps, which makes them vulnerable to malware.
Binance, one of the largest cryptocurrency exchanges in the world, has increased its efforts to reduce risks from Clipper malware. Binance implemented a list of suspect wallet addresses in order to stop users sending money to fraud accounts. The proactive approach reduces the number of fraud victims. However, the company insists that the users remain vigilant.
Binance releases regular security updates, and it encourages users to use two-factor authentication (2FA), to protect their account. Even with these precautions, Clipper malware is still a threat, as it targets clipboard functions rather than exchange platforms.
Clipper’s rise is a stark reminder that cryptocurrency users face constant challenges in terms of security. Cybercriminals’ tactics are getting more sophisticated as digital assets become mainstream. Clipper malware is a particular threat because it’s so easy to alter transactions, without the users knowing.
Clipper’s increasing prevalence has wider implications than just affecting individual users. It is possible that if Clipper malware continues to grow, the cryptocurrency ecosystem will suffer. Security concerns could overshadow benefits such as decentralization, financial independence, and digital asset trust.
Crypto Malware: How to stay safe
Cybercriminals’ tactics will also continue to change as the crypto industry evolves. Clipper malware highlights the need to be proactive in security issues. Here are some tips that Shiba Inu owners and cryptocurrency users should use to stay safe from malware.
- Double-check the wallet address before you confirm any transactions, particularly when sending large amounts of cryptocurrency. It is easy to prevent money from being sent to malicious actors by taking this simple step.
- Securing Devices: Update desktop and mobile security software that can detect and block malware.
- Download only trusted apps: Do not download any cryptocurrency wallets or DeFi tools. Download apps and plugins only from trusted websites.
- Multi-Factor authentication: To prevent unauthorised access, you should enable the two-factor verification (2FA) for all accounts that are crypto-related.
