With scammers spreading misleading information about TREAT, the Shiba Inu ecosystem team has called for caution, emphasizing that the token has not yet been released.
Given the recent updates surrounding the upcoming launch of Shiba Inu’s fourth ecosystem token, TREAT, scammers have been spreading false information about the asset.
Scammers Move to Exploit Potential TREAT Investors
Last week, Shiba Inu lead developer Shytoshi Kusama disclosed that the team raised $12 million by selling an undisclosed amount of TREAT tokens to venture capitalists. As reported earlier, the Shiba Inu ecosystem team aims to use the funds to develop a layer-3 privacy blockchain on Shibarium.
With Shiba Inu announcing that it raised $12 million via the sale of TREAT, scammers swung into action, claiming that the team had released the token to the public. Since the announcement, these bad actors have been spreading malicious links and steps on how investors can purchase the hoax TREAT token.
Shiba Inu Debunks Malicious Claims
In a recent post, Shibarmy Scam Alerts called the public’s attention to the malicious claim making rounds within the Shiba Inu community. Contrary to these claims, the community-driven scam alert account informed the proponents that the ecosystem team has not officially released the TREAT token.
🚨SHIBARMY WARNING:🚨
Attention: TREAT Token Alert
Important Notice:
The TREAT token has NOT been officially released. Contrary to recent claims, there has been no official launch from the SHIB team.
Please exercise caution and refrain from engaging in any transactions or…
— Shibarmy Scam Alerts (@susbarium) April 27, 2024
In addition, the community-driven channel advised Shiba Inu investors not to participate in any transactions relating to TREAT until legitimate sources have confirmed its launch.
Furthermore, it urged Shiba Inu enthusiasts to prioritize their financial security and that of other investors by spreading the latest awareness about TREAT.
Previous Claims About TREAT and SHI
Some of these scammers claimed the team had launched TREAT alongside Shiba Inu’s stablecoin SHI. However, the Shiba Inu ecosystem team has consistently debunked these claims.
Last year, Shiba Inu lead developer refuted a tweet claiming that TREAT and SHI would soon launch. The handler behind the hoax announcement shared a malicious contract address for both tokens.
At the time, Shibarmy Scam Alert warned investors to conduct due diligence before making any investment decisions relating to SHI and TREAT. Following the warnings, there was an observable decline in the rate at which these scam schemes spread.
However, the malicious claims have resurfaced following the recent announcement surrounding the TREAT funding round, as these bad actors look to take advantage of the growing euphoria.
Meanwhile, once it officially launches, TREAT is expected to play important roles within the Shiba Inu ecosystem. For instance, it will serve as the governance and utility token for the upcoming L3 blockchain.
Shiba Inu enthusiasts can also earn TREAT by staking their SHIB tokens on designated liquidity pools. At press time, there was no official launch date for the token. However, in a recent X post, Shiba Inu marketing lead Lucie stated that TREAT will launch in 2024/2025.