Warning: Fake TREAT Token Alert from Shibarium Dev
2 min read
Warning: Fake TREAT Token Alert from Shibarium Dev
On June 2, a Shibarium team member and developer named DaVinci alerted the Shibarium community about deceptive activities within the network, specifically concerning the issuance of a counterfeit TREAT token. DaVinci advised investors, speculators, and the Shibarium community that this token, which mimics a legitimate token still under development by the Shibarium team, has not been officially released. He stressed that any current listings of TREAT tokens were not linked to any sanctioned developments within the Shibarium project.
The developer further explained that these fraudulent actors had used the official shib.io website address in their online communications to create a facade of authenticity. CoinGecko has since issued a cautionary note regarding the TREAT token, stating: “This token is not affiliated with Shiba Inu nor their upcoming privacy-focused Layer 3 blockchain. Please DYOR before trading the token.” This stands as a warning to potential investors to conduct thorough research before engaging with the token.
The genuine TREAT token is yet to be launched and is intended to be part of a suite of five tokens within the Shibarium ecosystem. This collection includes Shiba Inu, BONE, LEASH, and the SHI stablecoin. TREAT is envisioned primarily as a reward token, designated for issuing rewards in the Shiba Lands metaverse and the Shiba Eternity card game. It also has a role in stabilizing the SHI stablecoin, which is itself still under development.
The TREAT token will play a crucial role in powering Shibarium’s future privacy layer. This layer aims to provide users with increased on-chain anonymity, enhancing the network’s privacy features once implemented. Shibarium’s native token, SHIB, serves different functions within the ecosystem, and BONE is notably significant for utility applications such as paying gas fees and governance on the ShibaSwap platform. The ShibaSwap platform operates similarly to Uniswap and is integral to the Shibarium framework.
LEASH token holders benefit from priority access in land sales and onboarding for the forthcoming Shibarium metaverse. LEASH’s price, currently around $442, reflects its limited supply in contrast to other tokens within the ecosystem. For instance, SHIB, which is not even valued at a penny, has a staggering total supply of 999,982,356,876,276 tokens, with slightly over half in circulation.
The substantial difference in token supply is a key factor in the high market value of LEASH. With a capped supply of just 107,647 tokens, nearly all of which are already circulating, LEASH’s scarcity directly influences its pricing dynamics.
In the landscape of the Shibarium ecosystem, each token serves a distinct purpose, contributing to the overall functionality and strategic goals of the network. As such, investors and participants are advised to stay informed and cautious about the authenticity of token listings to avoid potential scams and fraudulent schemes touting fake tokens.
The recent warning by DaVinci is a protective measure to safeguard the community and uphold the integrity of the Shibarium project. It underscores the importance of continuous vigilance and due diligence in the rapidly evolving landscape of cryptocurrencies and blockchain networks.
It’s sad that even with warnings, people are still getting tricked by these counterfeit tokens.
Disappointing to hear about counterfeit tokens in the Shibarium network. This damages the trust in the project.
Awful stuff. Is Shibarium doing enough to protect its investors from these scams? Doubt it. 🤷♀️
This is so frustrating! Cant believe people are falling for these scams. Come on, Shibarium, tighten up your security!
Essential update! Thanks DaVinci and CoinGecko for safeguarding us. 🔐
Vigilance is key! Thanks for the heads-up and keeping our community protected.
Sick of these fake tokens. This is exactly why people have trust issues with crypto.
Another day, another crypto scam. Frustrating for those of us trying to trust the Shibarium ecosystem.
Much appreciation to CoinGecko for the cautionary note! Always DYOR! 🧐
A crucial reminder to us all. Thanks, DaVinci, for keeping us safe! 🌟
Fantastic information. We need more of these alerts to protect the community. 👍
Great job on alerting us, DaVinci! Let’s keep the network safe and secure.
Thanks for the heads-up, this community rocks! Let’s keep it safe.
So tired of these scam alerts. It makes the whole project look bad.
Safety first! Big thanks to DaVinci and CoinGecko for the clarity. 🛡
This just shows how important it is to do your own research (DYOR). Thanks, DaVinci!
This kind of info is why I love being part of this community. Cheers, DaVinci!
Why wasn’t there more notice about these fake tokens before people got scammed? Annoying. 😠
Your warning is much appreciated, DaVinci! 🛡️
So disappointing to see scams like this impacting the Shibarium community. What a mess! 😠
Amazing to see such proactive steps from the team. Thanks, DaVinci!
Kudos to DaVinci and the Shibarium team for the vigilance! Let’s stay safe, everyone!
Seriously, who is still falling for these fake tokens? Do your research, people!
Come on, DaVinci. The team shouldve been better prepared to prevent these scams.
Ugh, another scam? It’s hard to keep up with what’s real in the crypto world.
These fraudulent activities are getting out of hand. Come on, guys, we need stronger measures! 😤
DaVinci always has our backs! This kind of alert keeps our ecosystem strong. 💪
Incredible work spotting and warning us about scammers! Thanks, DaVinci.
Deceptive activities again? When will the crypto community learn to spot these fraudsters?
Thanks DaVinci for the heads-up! It’s vital to stay informed and cautious in this space.
So glad DaVinci caught this. Keeps the Shibarium integrity strong!
Keeping scams at bay is vital. Thanks for the early warning, DaVinci! 🌟
The Shibarium community is stronger with vigilant team members like DaVinci. 👊
Thank you DaVinci for the protection and transparency. Onward and upward!
DaVinci’s warning is a great reminder to always verify before investing.
The community deserves better. This counterfeiting is a real blow to Shibariums credibility.
Great info, DaVinci! Let’s ensure everyone stays alert out there.