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- Shytoshi Kusama, the pseudonymous lead of the Shiba Inu ecosystem, has warned the SHIB community about scammers promoting fake TREAT tokens.
- The Shiba Inu ecosystem team confirmed that the TREAT token will officially launch this month, marking the long-anticipated arrival of the token after two years of speculation.
The Shiba Inu ecosystem has been rocked by a crucial warning from the project’s lead developers regarding a fake “Treat” token currently circulating in the market. Shiba Inu, one of the most recognized names in the world of meme coins, has built a massive community around its token, SHIB, as well as other initiatives like the ShibaSwap platform and Shibarium.
However, as the ecosystem grows, so does the potential for malicious actors seeking to deceive investors with fake tokens.
Shytoshi Kusama Responds to Misinformation
The TREAT token has yet to be officially launched, but some scammers falsely claim that it has existed for nearly two years. Shiba Inu’s lead, Shytoshi Kusama, has sought to clarify these misleading statements. A user named CryptoMumms attempted to promote a fake TREAT token, misleading investors by claiming it was part of the Shiba Inu ecosystem’s stealth launch. Stealth launches refer to the release of a project without prior announcements or marketing. The counterfeit token, which claims to be TREAT, is currently being traded on ShibaSwap under the wallet contract address “0xFBD…146B.”
In response to the post, Kusama addressed those who asserted that the TREAT token had been stealth-launched years ago. The lead firmly stated that the Shiba Inu ecosystem team had not released the governance token, deeming the user’s claims incorrect.
Shibarmy Scam Alerts, an X account dedicated to the security of the SHIB community, also issued a warning to “Shibarians” yesterday about a similar defrauding scheme. The post stated, “Be aware that scammers are now sending direct messages about the fake TREAT token in Telegram and could be using other channels too. They are trying to deceive you. The real Treat token will only be announced through official channels.”
ShibArmy Reminder:
🚨Beware of Fake Treat Tokens! 🚨Dear Shibarians, Shibizens, and all members of the wider crypto space,
This is a reminder that some groups are pushing a fake Treat token claiming to be part of the Shiba Inu Ecosystem. Please remember, the official Treat… pic.twitter.com/EKOnjizvs5
— Susbarium | Shibarium Trustwatch (@susbarium) September 22, 2024
The upcoming TREAT token will enhance the Shiba Inu ecosystem, which already includes SHIB, BONE, and LEASH, by serving as a key component in governance and rewards. According to the official Shiba Inu website, TREAT will unlock advanced features within the network, integrating rewards, governance, security, and spending into a cohesive framework that fosters community engagement.
Holding TREAT will provide exclusive access to innovative services, such as “WOOF Wars: Farming 2.0,” an advanced yield farming mechanism that maximizes earnings for users. This system incorporates veTREAT (vote escrowed TREAT) for participants to influence liquidity rewards through dynamic voting.
TREAT also supports regular voting to align liquidity incentives with market conditions and offers real-world utility through SHIB Pay, an on-chain payment system. As of the latest update, SHIB is trading at $0.00002407, reflecting a 1.47% rise in the last 24 hours and a 12% gain in the last 7 days.
