Shiba

DYOR

Shiba Inu

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&nbsp;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 <a href="https://cointelegraph.com/news/shibaswap-moves-shibarium-enhanced-dex">Shibarium</a>.
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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/684e2c3b-70be-477a-a417-08f79c7b06ea.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 DaVinci's warning to the Shibarium community. Source: Digarch*shib's on Discord
 </figcaption>
</figure>
A warning has now been posted on CoinGecko for the TREAT token, which <a href="https://www.coingecko.com/en/coins/treat-token" target="_blank" rel="noopener nofollow">reads</a>: “This token is not affiliated with Shiba Inu nor their upcoming privacy-focused Layer 3 blockchain. Please DYOR before trading the token.”
Related: <a href="https://cointelegraph.com/news/shiba-inu-memecoin-raises-12-million-institutional-investors">Shiba Inu memecoin raises $12M from institutional investors</a>.
<h2 id="the-actual-treat-token-and-the-wider-shibarium-ecosystem">The actual TREAT token and the wider Shibarium ecosystem</h2>
The actual TREAT token has not yet launched and is one of five tokens that make up the Shibarium ecosystem, along with Shiba Inu (<a href="https://cointelegraph.com/shiba-inu-price-index">SHIB</a>),&nbsp;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&nbsp;<a href="https://cointelegraph.com/explained/what-is-shibarium-and-what-does-it-mean-for-shiba-inu">Shibarium ecosystem</a>.
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: <a href="https://cointelegraph.com/magazine/seal-911-team-white-hat-forms-fight-crypto-hacks-real-time/">‘SEAL 911’ team of white hats formed to fight crypto hacks in real time</a>.

Shibarium dev issues warning on fake TREAT token

Table of Contents

Cointelegraph

Other articles published on Jun 4, 2024

Polygon Labs adds Toposware to its portfolio

Top Altcoins Poised for 100x Explosion and Massive Profit: Analyst Predictions

Solana Backed AI DePIN io.net Launches Its IO Summit Keynote

BlockDAG’s Lunar Keynote Propels it Toward $20, Setting It Apart from Solana ETF & Render Crypto ...

Worldcoin suspends Spanish operations amid data protection probe

What The Ethereum ETF Means For Altcoins And Meme Coins

Join our free newsletter for daily crypto updates!