Shibarium Dev Issues Warning on Fake TREAT Token

Shibarium developer warned that traders should exercise best practices while the token cannot be taken down from exchanges.

Developer and Shibarium team member DaVinci warned the Shibarium community on June 2 regarding fraudulent TREAT tokens and other malevolent activity that had culminated on the network.

DaVinci advised investors, speculators, and the Shibarium community that the token, which bears the name of an ongoing token development by the Shibarium team, has yet to be formally introduced. DaVinci explicitly stated that any TREAT listings were not associated with the official development of Shibarium.

According to the developer of Shibarium, the malevolent individuals also employed the official shib.io domain in their digital discourse to imbue their counterfeit tokens with an appearance of credibility.

A cautionary note regarding the TREAT token has been published on CoinGecko: “This token is not associated with Shiba Inu or their forthcoming Layer 3 blockchain, designed to prioritize privacy. “Before trading the token, kindly DYOR.”

The actual TREAT token and the wider Shibarium ecosystem

TREAT, one of five tokens comprising the Shibarium ecosystem (along with Shiba Inu, BONE, LEASH, and the SHI stablecoin), has yet to be issued.

Although its primary purpose is to distribute rewards from the Shiba Lands metaverse and the Shiba Eternity card game, TREAT will also be utilized to assist in balancing the SHI stablecoin, which is currently under development.

Furthermore, the TREAT token will serve as the power source for Shibarium’s forthcoming privacy layer, which, when it goes live, will provide Shibarium users with increased on-chain anonymity.

BONE is the preferred token for utility applications such as paying gas fees on the network and governing the ShibaSwap platform, a decentralized exchange comparable to Uniswap and an essential component of the Shibarium ecosystem. SHIB is the native token of Shibarium.

At this time, LEASH is trading for approximately $442. It grants holders priority in land purchases and onboarding for the forthcoming metaverse of Shibarium. The high price of LEASH tokens contributes to their limited supply compared to other tokens in the ecosystem, such as SHIB, which have circulating quantities in the trillions.

In contrast, at the time of writing, SHIB is worthless and has a total supply of 999,982,356,876,276 tokens, of which slightly more than half are in circulation. The LEASH token supply is capped at 107,647, the vast majority of which are currently in circulation.