On June 2, a member of the Shibarium team and developer, known as DaVinci, alerted the Shibarium community about suspicious activities on the network resulting in the creation of a fraudulent TREAT token.
DaVinci warned investors, speculators, and the Shibarium community that the token, which shares its name with an ongoing development project by the Shibarium team, has not been formally released. It was emphasized that any listings of TREAT tokens are not associated with the official development efforts of Shibarium.
Furthermore, the Shibarium developer detailed that the malicious individuals also utilized the official shib.io address in their online communications to add credibility to their counterfeit token.
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.”
The forthcoming TREAT token is an integral component of the Shibarium ecosystem, alongside Shiba Inu (SHIB), BONE, LEASH, and the SHI stablecoin. TREAT, although not yet launched, is envisioned as a reward token for activities within the Shiba Lands metaverse and the Shiba Eternity card game. It will also play a role in stabilizing the SHI stablecoin, which is still in development. Moreover, TREAT will empower Shibarium’s planned privacy layer, enhancing on-chain anonymity for users once implemented.
Within the ecosystem, SHIB serves as the native token, while BONE is favored for utility purposes such as covering gas fees and governing the ShibaSwap decentralized exchange. LEASH offers advantages in land sales and metaverse onboarding, reflected in its current trading value around $442. The scarcity of LEASH, with a maximum supply of just 107,647 tokens, contrasts sharply with SHIB’s abundance, with trillions in circulation, influencing LEASH’s high valuation. As a point of comparison, SHIB’s value remains fractional, with a vast total supply exceeding quadrillions, yet only a portion is currently in circulation.
