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Shiba Inu Token: Exposed | Read Full Article & Then Invest

Shiba Inu Token: Exposed

This post blew up. 25,000 views in under a day. I’ve been contacted by lots of people today. I’m 100% confident now that I’m correct. SHIB has already been rugged for $70m+.

If you believe Eric M’s so-called “proof” video in Discord, you need to start thinking more critically. 1) The UI in the video is literally nothing. 2) The video is cropped to show almost nothing. 3) The font in the video is different from the font in the supposed designs. 4) The button color and background color are different from the designs. 5) The wallet in the video supposedly had 103794.14501807 SHIB – there was no wallet with that balance on Testnet around the time the video was supposedly recorded.

Get out, fast (in my opinion).



This is a very long post!

If you read to the end, you will see:

1) ShibaSwap does not exist

2) I am quite confident I identified the people who created the Shiba Inu and Leash tokens

3) the creators have already profited massively from the project

4) steps were taken to cover-up the truth

A little bit of background information for anyone not familiar with cryptocurrencies:

The story of the Shiba Inu token is heavily tied with Doge. Many cryptocurrency traders use a strategy of “buy the rumor, sell the news”. For example, Elon Musk recently appeared on the TV show “Saturday Night Live”. In the weeks leading up to his appearance, Doge was pumped to a new high of $0.70, likely due to money coming in from people new to cryptocurrencies. As soon as the show started, there was a sell-off by some long-term Doge holders who then had made a large profit. Doge never hit $0.70 again.

When cryptocurrencies gain traction, it is basically tradition for copycats to be created. For example, the launch of “SafeMoon” attracted a huge amount of attention and hype. Within days of SafeMoon launching, “SafeMars” appeared, then “SafeStar”, and then hundreds of other “SafeXYZ” coins. The creators of copycats hope they will get attention and hype just by being named similarly to the original coin, and that attention will turn into new buys/holders, raising the price of their coin. They take advantage of “FOMO” emotions – “Fear Of Missing Out”.

The creation of Shiba Inu

Shiba Inu – or SHIB – was first “officially” written about on August 2nd, 2020, in a blog post by someone using the nickname “Ryoshi”.

At the top of the blog post is an image of the original Doge “mascot”, a real puppy named Kabosu. She is a breed of dog native to Japan called Shiba Inu. The image is circled by the words “Shiba: The Dogecoin Killer”.

The content of the post isn’t too important. The post was light-hearted, used childish mis-spellings like “frens” instead of “friends” and “poorboi” instead of “poor boy”. Ryoshi writes they have been “an independent trader of cryptocurrency for a couple of years and have always been fascinated about the genesis of decentralized communities”. They repeatedly state there are no admin tokens – meaning the developers must buy into the project themselves if they want to profit from it.

At the bottom of the post, there are links showing that most of the initial supply of SHIB was sent to a wallet (account) owned by “VB” – Vitalik Buterin, the co-founder of Ethereum and the world’s youngest crypto billionaire. This might seem like an indication that VB was involved in the founding of the project, but actually this is a common trick used to dilute the % owned by other wallets. At the time, it was widely assumed that VB did not have access to this wallet – perhaps he had deliberately destroyed the private key so he couldn’t access it, or had lost the private key due to a hard drive dying at some point in the past few years.

The blog post ends with a photo showing VB (in the blue and green top) with some friends in Japan. We’ll come back to VB later on.

Let’s summarize the situation as this: as Doge was gaining popularity, SHIB was founded to benefit from the same dog-related hype. The team behind SHIB have remained anonymous, but left hints that VB was involved.


According to SHIB’s whitepaper (or “woofpaper”), ShibaSwap was supposed to launch at the end of April 2021. As of May 22, it still hasn’t launched. There is no proof that it even exists. The team have claimed the delay is due to an “audit” being performed.

Leash token

Leash is a sibling token to Shiba Inu. It is supposed to be used in ShibaSwap, entitling holders to better benefits than if they held SHIB alone. The supply is very constrained (107,647 tokens compared to SHIB’s quadrillion), so the messaging promoting it can be summarized as “buy this quickly before it’s all gone” – playing on FOMO emotions.

How big are the SHIB and LEASH tokens today?

At the time of writing:

SHIB has a market cap of $7.6 billion — this is down significantly from an all-time-high of $39.1 billion, partly because of a downtrend in the wider crypto market. There are over 419,000 wallets holding SHIB — the real number of holders is likely to be much higher, because this wallet count doesn’t include holders in centralized exchanges like Binance. SHIB has a trading volume of over $500m per day on Binance (I saw it at over a billion per day recently). It has been listed on Binance and many other exchanges (pretty shocking – it shows how little due diligence was done).

LEASH has a market cap of over $232m, over 14,500 holders, and daily trading volume of over $20m. It has been listed on a few small exchanges, but no large ones like Binance yet. There is some information showing that Huobi (a large exchange) may be planning to list LEASH, as they seem to have bought nearly a million dollars worth recently.

Those are pretty crazy numbers considering neither token has any real use-case whatsoever. The value is entirely based on the promise of ShibaSwap being revolutionary.

Who was involved

I’m going to use aliases for these people/companies. There is a very detailed description of the evidence trail below. If you want to follow the evidence trail yourself, it is easy to do so. If you do follow the evidence trail, you will find their real names, but I suggest you don’t go on a wild witch-hunt.

The main players I identified are:

Company “H” – an Iranian software development company, mainly working in the finance industry.

Person “ECS” – a Peruvian national, possibly now living in Moscow, Russia. He is a director of a company in London, UK. He is heavily involved in crypto. He is currently the “CEO” of another token. His other token and London-based company have Russian links.

Person “SHR” – a Spanish national, currently living in Spain. He is a director of several London-based companies. He is heavily involved in crypto.

There are other people and companies – some named below, some not – who may be involved, but the 3 above are who I consider to be the most relevant.

Before we go into the details, why am I publishing this now?

Scams are everywhere in crypto. They usually don’t bother me. To some extent, I see them as part of the “game”, and a trade-off – if the DeFi (decentralized finance) industry has a goal of decentralization and little government meddling, that naturally means more chaos than traditional finance, so we have to accept some bad things will happen. But I’m also not a die-hard DeFi fanatic. The industry is in a precarious situation right now. Rampant scams are scaring people away. It feels like we are one “Bernie Madoff” story away from disaster.

Just today, several hours ago, another DeFi token called Yeet rug-pulled, leaving over 16,300 holders with almost nothing. Yeet’s all-time-high market cap was $35,000,000 just 11 days ago on May 11th. There has already been at least one post in the Yeet subreddit where someone stated they are going to commit suicide.

Hours after Yeet, Bogged Finance suffered some kind of attack, wiping out almost all of its value.

Every week is bringing new major scams and rug-pulls.

SHIB and LEASH have gone too far, with far more holders than perhaps any other crypto scam in history, with listings on many exchanges like Binance, and rumors of further listings on Robinhood and Huobi. After seeing Yeet do a rug-pull today and seeing how it has affected that community, I decided to go public with this information. People can’t keep losing their money because of parasitic scammers – it is literally causing tears, homelessness and perhaps suicides.

Either “we the people” fight back ourselves, or governments will start regulating DeFi and ruin it even more.

The official SHIB website ( and “woofpaper” (whitepaper) mention LEASH extensively, but currently there isn’t a link to another website for LEASH. However, we can use the amazing “Way Back Machine” ( to see what the website looked like in the past.

Back on October 24th, 2020, was being hosted on Wix. This is what it looked like:

There are several interesting things here.

First, there was a 12-second video behind “Buy $SHIB”. The video can still be accessed here. Watch the video at that link so you can see it full screen and hear the music. Take note of the style of music, the “Jason Bourne”-style quick cuts, and the “white rotated square” shapes used.

We’ll come back to this video later.

Also on the website on October 24th, there was a link to “”:

Interesting – is not mentioned on today – the link has been deleted. To further verify that used to be an official LEASH website, look at this post on Ryoshi’s blog from February 1st 2021 which mentions

Now we have 2 sources showing it was an official domain, let’s look at!

It looks pretty bad, like it hasn’t been updated in a while, which makes sense.

The website’s DNS records show it is hosted by, which is a very cheap web host.

Sometimes, software developers write their name in a website’s code. For example, the website has been built using a tool called, and the HTML contains: “<meta name=”generator” content=”Nicepage 3.10.2,”>”

On, the same kind of thing happened, but instead of, it’s this:

I’ve redacted the name and URL in the screenshot, but this is “Company H”. Let’s go to the URL… 

Company “H”

This is the Persian version of their homepage:


(Note the purple chair in this photo.)

There is also an English version of the site:

So, this is a software development company that specializes in finance/banking software. That’s a useful set of skills if you want to make a cryptocurrency.

There is a video on the homepage, which in my opinion is very similar – in terms of style – to the video that used to be on

First, the music isn’t too different.

Visually, here’s a side-by-side comparison:

The “swipe” effect:

The “white rotated squares”:

The video shows a post-it note “create token” – like a DeFi token? They are whiteboarding something called “DigiWallet”.

The video shows the same unique purple chairs that were in the photo we saw earlier, confirming the photo and video are from the same (real) company.

The website’s DNS records show it is hosted by an Iranian company – and/or

The website’s IP is, which appears on this blocklist of IPs involved in cybercrime.

The site uses an obscure third-party Javascript library called “OwlCarousel2”. I’ve been working in software development for a long time and have never heard of it, so the name stood out to me. Keep that name in mind – we’ll come back to it later.

For future investigators, the site’s Google Tag Manager ID is GTM-P8K3VFF, Google Analytics ID is 1637547337, Hotjar ID is 1467398, and Raychat ID is 08463674-2545-49da-b533-e7638ef6d1e4.

We can theorize that Company H were contracted to build (and perhaps too?).

We could also theorize that someone working for the company was a founder of SHIB/LEASH. Searching LinkedIn for people working at the company, I found this person, the managing director:

What’s that at the bottom of the page?! An article written on December 6, 2020, titled (in Persian and English): “CrYptO CuRrEnCy -rise and fall”

The post is written in Persian and not directly relevant to Doge or Shiba. But it does establish that the managing director of this fin-tech company has an interest in cryptocurrencies, and was writing about them around the time Shiba Inu was starting to become a real project.

In my eyes, this information – especially the mention of Company H hidden in the HTML of – strongly suggests Company H was involved in LEASH and maybe SHIB.

Let’s leave Company H for now, and investigate some other paths.

Proof that ShibaSwap didn’t exist at the end of April

Going back to… let’s use the Way Back Machine again to see how it looked on March 18th:

It looks like there is a screenshot of ShibaSwap’s UI (user interface), blurred to keep the features secret, and an instruction to “spread the word to reveal the UI”.

Then on April 2nd:

Down the page, there are two more blurred screenshots of ShibaSwap:

Let’s use a tool called “exiftool” to see the metadata for these image files:

Uh, this is strange… The metadata shows the blurred image was created in Photoshop on March 9th. It isn’t a screenshot of a real website in Chrome… Ok, maybe it was a Photoshop made in early March, but the website has been built since then?

Fast-forward to today, and the website has images with the UI, no longer blurred! Yay! (Image 1image 2)

So ShibaSwap does exist?

Not so fast!

Let’s look at the metadata of the dark-mode screenshot:

There’s lots of interesting stuff here.

First, we can see that this wasn’t a screenshot of a website – because the file was saved by Photoshop version 21 on a Mac.

Of course, someone could have took a screenshot and pasted it into Photoshop for cropping. But… what’s that metadata at the bottom? “Text Layer Name…. Capa 528…. New token woofing soon!… Select a token…” This is where things start to look very concerning. A screenshot taken in Chrome would not have the text of the page in the metadata. The UI must have been built in Photoshop, just like it was on March 9th, and Photoshop saved the content of the text layers in the metadata.

Visually, it looks like nothing has changed in over a month – just the blur has been removed.

And what does the text “Capa 528” mean? It appears in the metadata but not in the UI. And there is also “Capa 38” and “Capa 39”. It turns out, “Capa” means “Layer” in Spanish. Check out this Photoshop help page:

Already, we have proof that the screenshots the team claimed are of ShibaSwap are actually just Photoshop renders from someone on a Spanish-language computer.

But Spanish is spoke in lots of countries – Spain, Argentina, Mexico… Thankfully, the metadata also reveals something about the user’s location:

Notice “+01:00” and “+02:00” at the end of the timestamps. These UTC offsets match Spain. In winter and early March, Spain’s timezone is UTC+01:00. In summer, the timezone is UTC+02:00.

Even more damning are the dates that these images were created. Remember that ShibaSwap was supposed to launch at the “end of April”. It has supposedly been delayed because of an “audit”. But the blurred image was created on March 9th, and this unblurred image was edited on April 28th.

Interestingly, the image at does NOT have the same Photoshop metadata, but is clearly the same UI in light-mode colors, so it has been deliberately run through a program that deletes metadata, to try and cover-up the lie.

Even more metadata analysis

There are far too many bits of information to write about them all, but I’ll write about a few more files just to emphasize my point.

The whitepaper/woofpaper PDF was also created by someone in the UTC+02:00 timezone, i.e. Spain:

Here is an image from the old site hosted on Wix:

Look at the timestamps: September 3rd, 2020 – the day after the Leash contract was created! Look at the software used: Affinity Designer version 1.8.4.

Here’s another image from the Wix site, of the Hotbit logo (Hotbit is an exchange – I’m not suggesting they have any involvement in the project):

The metadata: 

Interesting… this image was created on February 2nd, using Affinity Designer version 1.8.5. This almost certainly shows that the same person created both images 5 months apart on the same computer – only Affinity Designer upgraded in that time!

Oh, what about Little CMS? Well…

Proof that ShibaSwap didn’t exist by May 19th

Let’s keep in mind “Little CMS” from above.

On May 19th, nearly a month after ShibaSwap was supposed to have launched, a new image was posted to Twitter and reddit, supposedly showing ShibaSwap being tested:

What’s in this image’s metadata? Little CMS, of course:

Want to see the May 18th image side-by-side with the end-of-April proven-to-be-Photoshopped image?

Yikes! Not only does it look like this new image was also created in Photoshop and later edited in Little CMS, it doesn’t show the features that ShibaSwap should have, like staking. Hell, it doesn’t even have a “Swap” button below the 2 tokens. How can you swap without a button to click?!

Now we know someone from Spain has been involved in the project. Let’s find out who they are.

Person “ECS”

Let’s look at the website, as it was on February 21st:

8 team members are listed:

Now let’s go forward 2 weeks to March 2nd:

The 4th team member, “ECS”, has been replaced with another name. No other names were changed.

So, who is ECS, and why has their name been changed?

I Googled the name and this is when I first discovered that there used to be a website at Some archived pages can be seen at*/*

The DNS records for show it was hosted by Hostinger, a small cheap web hosting company, the same host as The site was built with open source software called Flarum.

ECS posted on as recently as February 20th. There may have been more recent posts, but it’s hard to tell because that website is gone and the Way Back Machine might not have scanned it before it went offline.

Now we have a photo of ECS.

Googling his name will quickly bring up his website, CV, Facebook, YouTube, GitHub, email address, and more.

His CV:

The things that stand out to me in his CV are:

* He clearly has an interest in blockchain and Ethereum. (SHIB and LEASH are Ethereum contracts, by the way.)

* He is Peruvian, now living in Moscow.

* Most recently he has been working as the CEO of a blockchain company, which we’ll refer to as “S Coin”.

His GitHub:

There are so many interesting things about his GitHub!

* Despite having very good written English (as shown throughout his CV, GitHub profile, website, and other internet posts), his GitHub profile introduces him with “Mi name is ECS…”. Note that it is “mi”, not “my”. That is child-like spelling, the same way Ryoshi wrote in his first blog post back on August 2, 2020.

* This also states he is in Moscow.

* “S Coin” is mentioned again.

* There are at least three code repositories related to crypto: “s-coin”, “coinbene” and “Apicryptocurrency” (this last one will become very very important soon!).

His website:

Note the address in the footer: ECS Team Ltd – London, WC1N 3AX. This address is also about to become very important!

ECS Team Ltd – the first company at 27 Old Gloucester Street

All companies in the UK have key information – like their address and directors – listed on a website called Companies House.

Let’s find ECS Team Ltd:

Now we know the full address – 27 Old Gloucester Street, London, WC1N 3AX.

We can look at the company’s directors:

ECS appears, of course, but there is also a person with a Russian-looking name, “GK”. This page further confirms ECS’ date of birth and that he is a Peruvian national.

It’s noteworthy that the company was set up on August 28th,, just days before the LEASH contract was created, and about 3 weeks after the first blog post by “Ryoshi”.… and suddenly everything in the world revolves around 27 Old Gloucester Street

Ready for all these loosely-connected pieces of data to get joined up?

Let’s look at on March 2nd

See that Uniswap logo?

The Uniswap logo is hotlinked. That means it isn’t hosted on, it’s hosted on another domain. What domain is that?

Amazon S3 is a service for storing files. The key part of this URL is

What on earth is

It doesn’t win any points for style!

Their address doesn’t appear on the website, but it is listed in their HTML code as metadata:

Note in the HTML:

* The website uses “OwlCarousel2” – the obscure Javascript library I noticed earlier on Company H’s website.

* The address 27 Old Gloucester Street

* A Twitter username – the account has been suspended – I don’t know why.

Where are we now?

Now we have digital and real-world links between:



* the website for “Company H”

* person “ECS”

* the company “ECS Team Ltd”


* 2 companies registered at 27 Old Gloucester Street

Things are starting to connect more and more…

Person “SHR”, Damecoins Financial Group Ltd, Trigox Ltd, and ShareDetect

Remember I said that one of ECS’ code repositories was going to be “very very important”? Look at this one, which has the very generic name “API Cryptocurrency”:

Look at the description at the bottom. It partially describes what ShibaSwap was supposed to be.

Look at the date of the most recent code change: March 15th. This could be around the time ShibaSwap was abandoned.

There is a file called “”. It describes various “API endpoints” (basically features) the code contains:

It looks like ECS wanted to make the code open source, but wanted to remove the real domain name first. Most of the example domains in here are “”. But it looks like he forgot to replace the real domain in a few places, and left!

Do you want to guess the address in the footer? I’ll give you two guesses, but you’ll only need one:

27 Old Gloucester Street, again!

By the way, the email address “” doesn’t seem to work. There are no MX DNS records for that domain, making it impossible to send email to it.

How can we prove that is running the code from ECS’ “API Cryptocurrency” repository? We simply go to a URL that the code defined:


Oh, guess what else is in the Damecoins HTML? OwlCarousel2, of course!

Despite being an English-language website, some text uses Spanish-style question marks, where a question starts with an upside-down question mark:

Who owns Damecoins? We can go back to Companies House and look it up…

“Incorporated on 25 August 2020”… that’s just 3 days before ECS registered his company on the 28th.

Here’s the list of directors:

It’s “SHR”!

And look at the country of residence — Spain – which matches the timezone of those Photoshopped ShibaSwap images.

And look at the occupation – designer – the kind of person who knows Photoshop!

This is such a slam-dunk case in my eyes, but let’s keep going.

What do people on the internet say about Damecoins? That it’s a scam website… and SHR even gets named:

Let’s look at the metadata of one of the images on – 2.jpg

Photoshop version 21, on a Mac – exactly the same as used to create the ShibaSwap images. The timestamps show UTC+01:00 during the winter months, which matches Spain.

What other companies does “SHR” own? One called “Trigox Limited”, also registered at London’s most well-known office building, 27 Old Gloucester Street.

Trigox’s website:

In English: “Trigox Limited is a UK-founded business group that is the owner and parent of a wide range of trade names and technology companies. Our maxim: Efficient execution obscures vain efforts. Contact us at info (at)”

It doesn’t stop there, of course.

We can Google that address and phone number to find, also owned by SHR:

Damecoins, Trigox and ShareDetect are all hosted at, according to their DNS records.

“S Coin”

Remember ECS’ Github and CV? He is now the “CEO” of another coin called “S Coin” (name redacted, not SHIB!).

Remember the site at This new coin also has a gov subdomain:

What a coincidence… What’s that “proposal”? “SCoinSwap”?! ECS was meant to be building ShibaSwap, which seems to have ended up launching on Damecoins instead, and now there’s a proposal for a swap for his other coin. 

Let’s look at the HTML of S Coin’s main website:

759 Pinewood Avenue… could this be the American equivalent of London’s 27 Old Gloucester Street? Of course it is!


These websites all have 759 Pinewood Avenue in their HTML. Some are crypto related! And most use OwlCarousel2.

Money trail

Here is an archive of the website from October 2020:

That page links to “Staking Pool Contract” (LEASH / Doge Killer) –

The contract was created on September 2nd at 02:42 UTC –

The very first address the contract interacted with was 0xe5590ea681fba3c1998fafca73112efc95a9510d an hour later, at 4am UTC, in this transaction:

The next day, September 3rd at 6pm UTC, that address (0xe5590ea681fba3c1998fafca73112efc95a9510d) bought SHIB via Uniswap – – then worth $20, now worth $383000. therefore there is a definite link showing these addresses genuinely are the original SHIB+LEASH creator.

An hour later, September 3rd at 7pm, the $383000 SHIB was sent to 0x966a707d9787fd5be0c38900f393f0ff86a0ac1b –

Anyone can send tokens to any address, so the “inbound” transactions of tokens like “Vitalik Shiba Buterin” should be ignored. However, the outbound transactions can only be done by a wallet/contract owner, so they are interesting to follow.

Since September 3rd, 2020, that wallet has been sending SHIB and LEASH to many wallets, which is the money trail for authorities to follow through exchanges/egress-points to find who received the money in the real world.

8 days ago, 0xe5590ea681fba3c1998fafca73112efc95a9510d sent $1.27m USDT to 0x4e68ccd3e89f51c3074ca5072bbac773960dfa36 – seemingly after selling a lot of LEASH in 2 transactions and

This address also sold tokens like “ART” (in December 2020) and “NAOStoken” (more recently).

Other addresses that the “Doge Killer” contract interacted with early on include 0x0cbf4dfc34e01296c05c89d73819aae23824b4da and 0xd38c09cb05ae23f78e67759ad0120de22ff1f579

A week before Doge Killer was created, on August 23rd, 0xd38c09cb05ae23f78e67759ad0120de22ff1f579 received funds from a token called “WENrug” (seriously!!) –

On September 18, 0x0cbf4dfc34e01296c05c89d73819aae23824b4da interacted with the “Merkle Distributor” in transaction – from here, the trail gets hard to follow, but I guess this is when the original LEASH were airdropped to various accounts. 0x0cbf4dfc34e01296c05c89d73819aae23824b4da was funded with 1 ETH from the exchange “MXC” –

Other people

There is at least one other person that could have been involved. The Shiba website used to hotlink to their own logo on – I suspect this might have been when the logo was first created. The Dribble user seems to have deleted their company’s profiles, and it is hard to get much information about them now, although they did post some Doge-related images over the last few years.

There are many community moderators and admins in Discord and reddit. Most of them likely have no idea about any of this. However, that doesn’t totally excuse them – they still participated in a ridiculous scheme and provided the community with very little useful information. Some (I’ll name Cat specifically) have been obtuse and make me suspicious.

Although some things suggest VB might have been involved, I’m 99% certain they are false evidence trails to confuse any investigators. VB seems completely innocent in this, to me.

Final words

I’m really sorry if you lost money in this project. Hopefully all DeFi scammers and rug-pullers can be brought to justice one day.

If you absolutely need to contact me for some reason, you can email Don’t email me to complain about being rugged – I wasn’t involved in the project!


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