Shibarium dev issues warning on fake TREAT token


On June 2, Shibarium team member and developer DaVinci issued a warning to the Shibarium community regarding malicious activity on the network that culminated in the release of a fake TREAT token.

DaVinci cautioned investors, speculators and the Shibarium community that the token, named after an actual token that is still in development by the Shibarium team, has not been officially launched. DaVinci made clear that any TREAT listings had no affiliation with official development on Shibarium.

The Shibarium developer explained that the malicious actors also used the official shib.io address in their online posts to lend an air of legitimacy to their fake token.

DaVinci’s warning to the Shibarium community. Source: Digarch*shib’s on Discord

A warning has now been posted on CoinGecko for the TREAT token, which reads: “This token is not affiliated with Shiba Inu nor their upcoming privacy-focused Layer 3 blockchain. Please DYOR before trading the token.”

Related: Shiba Inu memecoin raises $12M from institutional investors.

The actual TREAT token and the wider Shibarium ecosystem

The actual TREAT token has not yet launched and is one of five tokens that make up the Shibarium ecosystem, along with Shiba Inu (SHIB), BONE, LEASH and the SHI stablecoin.

TREAT is primarily a reward token meant to issue rewards from the Shiba Lands metaverse and the Shiba Eternity card game, though it will also be used to help balance the SHI stablecoin, which is likewise still in development.

Additionally, the TREAT token will also be used to power Shibarium’s slated privacy layer, which will allow Shibarium users more on-chain anonymity once the privacy layer goes live.

SHIB is Shibarium’s native token, while BONE is the token most preferred for utility applications like paying gas fees on the network and the governance of the ShibaSwap platform, a Uniswap-like decentralized exchange and an integral part of the Shibarium ecosystem.

LEASH grants holders priority in land sales and onboarding for Shibarium’s upcoming metaverse and is currently trading around $442. The low supply of LEASH tokens compared to other tokens in the ecosystem, like SHIB, which have circulating numbers in the trillions, contributes to the high price of the token.

For comparison, SHIB is not even worth a penny at the time of this writing and has a total supply of 999,982,356,876,276 tokens, with a little over half of the total supply in circulation. LEASH has a maximum supply of just 107,647 tokens — almost all of which are already in circulation.

Magazine: ‘SEAL 911’ team of white hats formed to fight crypto hacks in real time.



Also Read More: World News | Entertainment News | Celebrity News

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

CZ hits back at WSJ, Hong Kong crypto ETF’s take ‘$50B equivalent’: Asia Express

Our weekly roundup of news from East Asia curates the industry’s most…

Johnson ‘losing the confidence’ of Tory party after rambling CBI speech

Conservative MPs are increasingly worried about Boris Johnson’s competence and drive after…

Ripple joins BIS cross-border payments task force

The Bank for International Settlements (BIS) has recently announced a cross-border payments…

Microsoft and Nvidia stocks reach all-time highs amid OpenAI CEO shuffle

Microsoft (MSFT) stocks hit an all-time high of $378.81 on Nov. 20…