On June 2, a member of the Shibarium team and developer named DaVinci issued a warning to the Shibarium community about malicious activity on the network that resulted in the release of a fake token called TREAT.
DaVinci cautioned investors, speculators, and the Shibarium community that the TREAT token, which shares its name with an actual token being developed by the Shibarium team, has not been officially launched. DaVinci made it clear that any listings for TREAT were not associated with the official development of Shibarium.
The Shibarium developer explained that the malicious actors even used the official shib.io address in their online posts to make their fake token appear legitimate.
A warning has also been posted on CoinGecko for the TREAT token, stating, “This token is not affiliated with Shiba Inu nor their upcoming privacy-focused Layer 3 blockchain. Please DYOR before trading the token.”
The actual TREAT token is one of five tokens that make up the Shibarium ecosystem, along with Shiba Inu (SHIB), BONE, LEASH, and the SHI stablecoin.
TREAT is primarily a reward token designed to provide rewards from the Shiba Lands metaverse and the Shiba Eternity card game. It will also be used to help balance the SHI stablecoin, which is still in development. Additionally, the TREAT token will power Shibarium’s privacy layer, offering users more on-chain anonymity when it goes live.
SHIB is Shibarium’s native token, while BONE is the preferred token for utility applications such as paying gas fees and governing the ShibaSwap platform, a decentralized exchange that is an integral part of the Shibarium ecosystem.
LEASH provides holders with priority in land sales and onboarding for Shibarium’s upcoming metaverse. It is currently trading at around $442. The scarcity of LEASH tokens compared to other tokens in the ecosystem, like SHIB, contributes to its high price. SHIB, on the other hand, is valued at less than a penny and has a total supply of over 999 trillion tokens, with more than half in circulation. LEASH has a maximum supply of just 107,647 tokens, most of which are already in circulation.
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