It's not Shackwave. This is what Shackwave looks like (there are variants, but they all basically look like this). Also afaik Shackwave isn't a KO, but rather a legit release of the pre-Transformer "Astro Magnum" toy sold under licence through places like Radio Shack (hence the nickname), similar to how Microman and Diaclone were legitimately sold in Europe (Joustra Diaclone).
Mine doesn't look like that, I will have to get him (still at my folks' house) and compare it. But like you said, there are variants.