A scam attack using a counterfeit TREAT token prompts Shiba Inu to give an important warning to its community, highlighting the importance of being vigilant and conducting an in-depth investigation.
The Latest Threat to Shiba Inu (SHIB) Investors
Digarch, a reputable member of the Shiba Inu community, posted a screenshot of a scam alert that main developer DaVinci posted on platform X (formerly known as Twitter) on June 2. Digarch issued a severe warning along with this alert, asking the SHIB Army to exercise caution and diligence during these uncertain times.
DaVinci’s worries were highlighted in the screenshot from SHIB’s official Discord account, a crucial gathering place for news and conversations about the Shiba Inu ecosystem. He issued a warning on the proliferation of phony tokens purporting to be affiliated with the Shibarium project and the SHIB ecosystem.
These bogus tokens have crept onto well-known cryptocurrency platforms like CoinMarketCap and CoinGecko, where they are falsely advertised as TREAT. Before completing any transactions with these tokens, DaVinci asked the community to thoroughly double-check all of the information.
He saw that the con artists had changed the way they operated; instead of abusing the Shiba Inu State and Canine code, they were now abusing Ryoshi Research channels. Worrisomely, in an attempt to give legitimacy to their fraudulent operations, they have integrated the legitimate SHIB website address, shib.io, within their scam advertising.
It is evident from DaVinci that the TREAT token has not yet been released. Tokens that purport to be TREAT or associated with it are false, misleading, and causing financial harm to members of the SHIB community. These fake coins are unsupported by the community and have no value in the Shiba Inu ecosystem.
Although the Shiba Inu team is unable to prohibit these fraudulent tokens due to ShibaSwap’s decentralized structure, they are nonetheless dedicated to alerting and shielding their community against such nefarious behavior.
TREAT Token Misconceptions Addressed by SHIB Marketing Lead
The genuine TREAT token functions harmoniously with other utility tokens like SHIB, LEASH, SHI, and BONE, forming an essential component of the Shiba Inu ecosystem. Within the Shiba Inu and Shibarium network, every token has a specific function. Specifically, TREAT was developed to increase the SHI stablecoin’s liquidity and function as a reward token on the ShibaSwap exchange much like BONE.
It has been confirmed by Lucie, the chief marketing member of SHIB, that the TREAT token continues to be under development and is still not available for purchase. In response to inaccurate rumors that it will be released in 2023, Lucie made it clear on platform X that the rumors are untrue.
She emphasized that information from SHIB’s official website or Discord account should be the main source of confidence for community members. “TREAT from SHIB.IO is not yet available. Some journalists have reported, erroneously, that it was launched in 2023. NO, IT WASN’T,” Lucie firmly declared.
Lucie has asked the community to confirm any information through SHIB’s established means of communication to avoid false information and possible fraud.
Conclusion
In conclusion, the Shiba Inu developer’s admonition emphasizes how important it is to be vigilant and conduct an in-depth study in the unpredictably volatile world of cryptocurrencies. It’s important to keep informed and rely on established channels to protect assets as frauds get increasingly complex.
The SHIB team’s proactive efforts to inform and caution its community serves as an example of how to successfully negotiate potential risks in the cryptocurrency space.
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