Shalom Coin (SHLM) has grabbed attention online, as promoters advertise it as an investment on the Ethereum Blockchain.
Shalom Coin Hype
Meanwhile, social media channels hype it as a “meme coin,” promising high returns to eager investors.
Regulatory Warning
As a result, the SEC investigated and discovered that Shalom Coin’s promoters do not register in Nigeria’s Capital Market.
Furthermore, the token’s smart contract allows creators to change fees, supply, and trading permissions at will.
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Consequently, these features make the coin highly risky and expose investors to potential fraud, the SEC warned.
Investor Caution
Therefore, the Commission urges investors to verify any digital asset and its promoters on www.sec.gov.ng/cmos first.
In addition, the SEC emphasised: “Anyone who invests in Shalom Coin or similar unregistered tokens assumes full risk.”
Ultimately, this case reminds investors that flashy online tokens often conceal serious dangers and hidden risks.
