Shiba Inu lead developer debunks fake token launch claims, warns against scams in Shiba Inu ecosystem; community urged to exercise caution.
Shytoshi Kusama, the lead developer of Shiba Inu, has taken to Twitter to denounce a fraudulent tweet that touted the imminent launch of new tokens within the Shibarium ecosystem.
“Untrue. Do better,” Kusama declared, quoting the misinforming post.
Untrue. Do better. https://t.co/dIxnVyPTqq
— Shytoshi Kusama™ (@ShytoshiKusama) August 5, 2023
The deceptive message had claimed that the forthcoming tokens, bearing the symbols TREAT and SHI, were primed for introduction. It went further to reveal their purported respective ‘official’ contract addresses.
Shiba Inu Community Reacts
The DogPad Twitter account, representing the Shibarium Launchpad ecosystem, commented on Kusama’s tweet, reflecting on the rampant proliferation of scams. The account lamented, “Too many scams. Happens to us too.”
Shibarmy Scam Alert, an advocate for vigilance, also issued a stark warning concerning the fraudulent announcement. It admonished:
“Please be cautious and skeptical about the information provided. This is a blatant lie and an attempt to deceive investors! Always exercise due diligence and research thoroughly before making any investment decisions.”
Please be cautious and skeptical about the information provided.
This is a blatant lie and an attempt to deceive investors!
Always exercise due diligence and research thoroughly before making any investment decisions.
Stay SAFE pic.twitter.com/iNJ8ZtFiUU
— Shibarmy Scam Alerts (@susbarium) August 5, 2023
Similarly, another prominent Shiba Inu figure cautioned against falling victim to unscrupulous individuals. He emphasized the importance of relying solely on official sources and diligently conducting research.
Another commenter echoed these sentiments, expressing concern for the lack of conscience displayed by those who engage in intentional deceit. The user advised fellow Shiba Inu enthusiasts to exercise prudence and meticulousness.
TREAT and SHI
Notably, TREAT and SHI are upcoming tokens in the Shiba Inu ecosystem. While TREAT is a distinctive reward coin, SHI is a stablecoin to potentially rival Tether USD (USDT) and Circle USD (USDC).
SHI will be pegged to the USD dollar in a one-to-one ratio, functioning as a store of value for Shiba Inu enthusiasts.
Meanwhile, the Shiba Inu team looks to fashion the TREAT token to galvanize user engagement within the Shiba Inu realm. TREAT is also projected to yield incentives within the Shiba Inu Metaverse.
Interestingly, the recent caution against scams surrounding TREAT and SHI is not the first of its kind. As The Crypto Basic reported, Kusama has previously warned that the coins are still in development.