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Shytoshi Kusama, the pseudonymous leader of the Shiba Inu ecosystem, references a scammer’s interview to explain why the development team is building tools like Self-Sovereign Identity (SSI) into the stack technology of the cryptocurrency.
“Don’t ask me why we are building tools like Self-Sovereign Identity and Karma & Reputation into the Shib tech stack,” Kusama remarked.
Scammer Reveals How He Rug Pulls Investors
However, he urged his followers to watch a 10:20 video of a self-proclaimed PumpFun rugger who claimed to have made $200,000 in two months through rug pulls, obtaining an average of 400 Solana (SOL) weekly.
Rug pull is a scam in which project developers abandon a project after dumping all their tokens on unsuspecting investors. This move immediately causes the asset’s price to crash to almost zero.
The rugger, who goes by the pseudonym 0xPhantom, said he launches these projects using DogWifTools and subsequently abandons them.
The scammer says the moment he clicks the “Dump All” button on DogWifTools, the system automatically sells all his holdings, leaving investors with a load of worthless tokens. Notably, the scammer’s face is hidden in a ninja costume, and his voice is changed to conceal his identity.
I interviewed a self proclaimed PumpFun rugger that's made over $200k rugging coins. Here's what he does. (timestamps below)
The rugger is @0x__Phantom and he uses @dogwiftools to execute these launches.
Timestamps
0:00 Intro
0:23 Phantom
1:15 Method For Rugs
4:48 Bundler He… pic.twitter.com/qr8FBl1YPJ— NFT Nate 🇦🇺 (@NFTNate_) August 19, 2024
Shiba Inu Lead Reacts
Reacting, Kusama said the video explains why the development team is building “SSI, Karma, and Reputation” into SHIB’s stack technology.
It bears mentioning that Shiba Inu introduced SSI in August 2023, shortly before Shibarium launched on the mainnet. The Shiba Inu ecosystem team introduced the tool to give users complete control over their digital identities and credentials.
With SSI, users can secure their digital identities with a Shib ID, marking a shift away from the existing model of big corporations controlling and exploiting customers’ data.
As reported earlier, Kusama disclosed that SSI will be integrated into Shiba Inu’s L2 blockchain Shibarium. However, the deployment could take time, as only research is expected to last several months.
Meanwhile, a popular developer on BNB Chain, Arno Bauer, said SSI will enhance the overall performance of the Shibarium ecosystem by complying with regulations, protecting sensitive data, and bolstering the network’s security against Distributed Denial of Service (DDoS) attacks and fraud.