Shibarium Developer Alerts Community about Fraudulent TREAT Token Activity
Summary:
Shibarium developer DaVinci warns community members about a counterfeit TREAT token and fraudulent activity on the network. The fake TREAT token, named after an unlaunched genuine token being developed by the team, is not officially endorsed by Shibarium. DaVinci clarifies that these fraudulent activities have no affiliation with the genuine Shibarium operations and urges the community to proceed cautiously when trading. The original TREAT token, part of the Shibarium ecosystem alongside Shiba Inu, BONE, LEASH, and the SHI stablecoin, is primarily a reward token designed to facilitate the Shiba Lands metaverse and Shiba Eternity card game. It also assists in balancing the SHI stablecoin and facilitating Shibarium's upcoming privacy layer.
Shibarium's developer and team member, DaVinci, on June 2, alerted the Shibarium community about fraudulent activities involving a counterfeit TREAT token on the network. DaVinci cautioned investors, speculators, and the entire Shibarium community that the mentioned token, which shares its name with an unlaunched genuine token being developed by Shibarium, is not officially accepted. Any listed TREAT tokens are not linked with the authentic Shibarium operations, emphasized DaVinci. Deceptive operators used shib.io, Shibarium's official online address, as a part of their sham scheme to make the fake token appear authentic, according to the Shibarium developer. A warning has since been issued on CoinGecko for potential TREAT token dealers, emphasizing that the token bears no connection to Shiba Inu or any upcoming Layer 3 blockchain focused on privacy. Please perform your own due diligence before dealing with the token, advised the warning. Meanwhile, the TREAT token, forming part of the Shibarium infrastructure alongside other tokens such as Shiba Inu (SHIB), BONE, LEASH, and the SHI stablecoin, hasn't been launched yet. The TREAT token's primary intent is to dispense rewards from the Shiba Lands metaverse and Shiba Eternity card game and assist in stabilizing the under-development SHI stablecoin. Furthermore, the TREAT token is slated to facilitate Shibarium's upcoming privacy layer, aiming to provide its users with increased on-chain anonymity. The Shibarium ecosystem also includes BONE, the preferred utility token for paying network gas fees and governing the ShibaSwap platform - a decentralized exchange akin to Uniswap, and SHIB, the native token of Shibarium. LEASH, another token in the ecosystem that gives its holders priority access to land sales and onboarding for Shibarium's forthcoming metaverse, is currently traded at around $442. The scarcity of LEASH tokens, as compared to trillions of circulating SHIB tokens, contributes to its high price. As a comparison, SHIB currently holds virtually no value, with over half of its total supply of around 999,982,356,876,276 tokens in circulation, while LEASH has a maximum supply of merely 107,647 tokens, with almost all up for circulation.
Published At
6/4/2024 9:11:48 PM
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