Shibarium team member and developer DaVinci recently issued a warning to the Shibarium community regarding fraudulent activity on the network that resulted in the release of a fake TREAT token. DaVinci emphasized that the token, which shares the name with an actual token being developed by the Shibarium team, has not been officially launched. He made it clear that any TREAT listings are not affiliated with the official development on Shibarium. The malicious actors even used the official shib.io address in their online posts to make their fake token seem legitimate.
A warning has now been posted on CoinGecko for the TREAT token, stating that it is not associated with Shiba Inu or their upcoming privacy-focused Layer 3 blockchain. Investors are advised to do their own research before trading the token.
The actual TREAT token is part of the wider Shibarium ecosystem, which includes Shiba Inu (SHIB), BONE, LEASH, and the SHI stablecoin. TREAT is primarily a reward token meant for the Shiba Lands metaverse and the Shiba Eternity card game. It will also help balance the SHI stablecoin and power Shibarium’s privacy layer once it goes live.
SHIB is the native token of Shibarium, while BONE is used for utility applications such as paying gas fees and governing the ShibaSwap platform. LEASH grants holders priority in land sales and onboarding for Shibarium’s metaverse. LEASH has a limited supply compared to tokens like SHIB, leading to its higher price.
In comparison, SHIB is currently valued at less than a penny and has a total supply of over 999 trillion tokens, with over half of them in circulation. LEASH, on the other hand, has a maximum supply of only 107,647 tokens, almost all of which are already in circulation.
To combat crypto hacks, a team of white hat hackers called ‘SEAL 911’ has been formed to respond to such incidents in real time.