Shiba Inu Cautions About Scams Targeting Anticipated Token

TMI Newsdesk
4 Min Read

The anticipated release of TREAT, the latest addition to the Shiba Inu ecosystem, has raised concerns amongst the SHIB community. These concerns stem from scammers spreading misleading information about the token, deceiving eager investors.

Despite several attempts by the Shiba Inu ecosystem to debunk the false claims, the scammers show no signs of relenting. They continue to leverage the enthusiasm surrounding the project’s funding round.

Shiba Inu Issues TREAT Scam Warning

The scammers reportedly took advantage of a report shared last week. According to the announcement, Shiba Inu’s team raised $12 million by selling the TREAT tokens to early investors. These funds are intended to support the development of the layer-3 privacy blockchain on Shibarium.

The scammers have been circulating fraudulent links and instructions from this update. By this act, they intend to facilitate the purchase of the non-existent TREAT token, capitalizing on the excitement surrounding its prospective launch.

To combat this fraudulent activity, the Shiba Inu community has issued a scam alert, debunking any claims about the token’s launch. The team advised investors to avoid any transactions related to TREAT until its official release is confirmed by credible sources.

The team further highlighted the importance of financial security and encouraged community members to spread awareness about the ongoing scam attempts. They also stated the necessity to remain vigilant against such malicious schemes.

Meanwhile, after its release, the TREAT token will be a key instrument in the Shiba Inu ecosystem. TREAT will be used as a utility and governance crypto asset for the anticipated layer-3 blockchain.

Enthusiasts eagerly expect its official launch. According to recent statements from Shiba Inu marketing lead Lucie, TREAT will officially debut anytime between 2024 and 2025, 

Until then, stakeholders are urged to remain vigilant and exercise due diligence to safeguard against fraudulent activities.

Shiba Inu Deals with Rising Scam Threats

There’s been a worrying rise in scams targeting members of the Shiba Inu community, especially major SHIB supporters.

The team’s watchdog, Shibarmy Scam Alert, revealed a notable incident in an X post on March 28. According to the report, the community faced a dire incident as scammers attempted to take advantage of a new token called K9 Finance (KNINE).

The watchdog uncovered a fake website pretending to give away $400,000 worth of KNINE tokens. The site prompted people to connect their crypto wallets to claim the tokens. However, the scam intended to trick them into giving the bad actors control over their wallets.

Once they have such control, scammers can usually steal all the digital assets. Once again, the team cited the need to be careful online, especially when dealing with crypto assets.

Notably, scams like these are all too common, and it’s important to double-check before clicking on any suspicious links or giving out any personal information.

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