Shiba Inu Community Warned About Fake TREAT Token

Shiba Inu community members are on high alert after Shytoshi Kusama, the lead developer, warned about a fake TREAT token being promoted. Kusama criticized Crypto.com for mistakenly listing the TREAT token, which has not yet been launched. 

The Crypto.com article incorrectly reported the launch of TREAT and included a misleading link, prompting Shytoshi to warn the community about the potential risks. 

Correct. Sadly @cryptocom wrote about our TREAT token that is not yet launched, assuming incorrectly that it was.

Proceed with caution with this other Treat token (and many other spoofs that will inevitably be created to scam you). #DYOR https://t.co/bkSZVbSfOu

— Shytoshi Kusama (@ShytoshiKusama) July 21, 2024

The Shiba Inu community quickly contacted Crypto.com to correct the error. The exchange has since removed the misleading information, but Kusama’s warning remains crucial for users to stay vigilant against such scams.

Emergence of fake TREAT tokens

The TREAT token, intended to be the fourth addition to the Shiba Inu ecosystem, has seen multiple imitations emerge before its official release. The ecosystem currently includes SHIB, BONE, and LEASH. According to Shiba Inu’s pseudonymous founder, Ryoshi, TREAT is designed to provide liquidity for the upcoming SHI stablecoin and replace BONE as the reward token on ShibSwap.

Despite the token being under development, fake versions have appeared on popular crypto aggregators like CoinMarketCap and CoinGecko. This has confused the community, but key members have proactively debunked these false claims. Shiba Inu spokesperson Lucie has repeatedly emphasized that the TREAT token has not been launched, stating, “IT WASN’T.”

Crypto.com has corrected its error and removed the misleading URL. Additionally, crypto data aggregators have added disclaimers to clarify that the TREAT tokens listed on their platforms are not affiliated with Shiba Inu. A disclaimer on CoinGecko reads, “This token is not affiliated with Shiba Inu nor their upcoming privacy-focused Layer 3 blockchain. Please DYOR before trading the token.”

Following these disclaimers, the fake TREAT token, launched in February 2024, has seen its value drop by 12% in the last 24 hours, currently priced at $0.0005878. The token has fallen 91% from its all-time high.

Calls for Binance to burn SHIB

In a separate development, the Shiba Inu community has advocated for Binance to burn 1% of all SHIB daily transactions. A Change.org petition created by influencer Labib has gathered 498 signatures out of the target 50,000. The SHIBARMY influencer Lola has also called on Binance CEO Richard Teng to support the burn initiative. Many community members believe reducing the SHIB supply through burns could increase the token’s value. However, Binance has not yet committed to this proposal.

The Shiba Inu community continues to be vigilant against scams while pushing for initiatives to enhance the value of their tokens. With active involvement from key members and influencers, they aim to maintain the integrity of their ecosystem and protect their investments.

The post Shiba Inu Community Warned About Fake TREAT Token first appeared on Coinfea.