In an important announcement, Shytoshi Kusama, the lead developer of Shiba Inu, has alerted the community about scammers promoting counterfeit versions of upcoming SHIB ecosystem tokens.
In a recent tweet, Kusama emphasized the need for caution, advising the community to avoid falling victim to scams involving SHI and TREAT tokens. Kusama clarified that these tokens had not been officially released, emphasizing the importance of refraining from investing in them now.
Significantly, shortly after unveiling the highly anticipated Shiba Inu physical product, Shibacals: Authenticated Collectibles, Kusama took the opportunity to inform the community about the presence of fraudulent activities.
Confirmation of Shibarium Scam Alert
Furthermore, Shibarium Scam Alerts, the dedicated scam tracking platform for Shiba Inu, has officially confirmed the existence and circulation of counterfeit SHI and TREAT tokens.
Shibarium Scam Alert has warned the community, urging caution regarding the illicit tokens circulating in the form of SHI and TREAT. They have emphasized that these tokens, purportedly official, have not yet been released by the officials. To support their warning, Shibarium Scam Alert shared a screenshot on Twitter, exposing the activities of the scammers promoting these fraudulent tokens.
A Twitter user named Lord Gaudy has shared the contract addresses for the counterfeit SHI stablecoin and TREAT tokens. Lord Gaudy has also made a bold claim that the Shibarium mainnet launch is scheduled for July 6, 2023.
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Intriguingly, the account has amassed 2,139 followers on the microblogging platform. Among the followers are prominent members of the Shiba Inu community, including @ShibaInuHolder.
Lord Gaudy is enticing investors with promises of substantial returns if they purchase SHI and TREAT tokens before the Shibarium mainnet goes live on July 6. Additionally, Lord Gaudy asserts that TREAT incorporates a burn mechanism of 0.25%, while SHI imposes a burn tax of 2%. These claims, however, are associated with the circulating fake tokens and should be approached with caution.
In a determined effort to put an end to the ongoing scam activities of Lord Gaudy, the Shiba Inu lead has taken decisive actions. Lord Gaudy, who had been engaging in fraudulent practices, shared a screenshot on Telegram where Kusama expressed his repeated attempts to counter and thwart Lord Gaudy’s malicious activities.
More Information on SHI and TREAT
It is important to highlight that SHI, the forthcoming algorithmic stablecoin for Shiba Inu, differentiates itself from most stablecoins by its pegged value of 1 cent ($0.01) once it is launched.
Likewise, TREAT is an upcoming token within the Shiba Inu ecosystem. The Shiba Inu team has indicated that TREAT will be distributed as a reward for activities such as staking and providing liquidity. However, as of the current time, an official launch date for these tokens has not been announced by the team.
Unfortunately, scammers persist in targeting members of the Shiba Inu community with various deceptive tactics. Nonetheless, Kusama has assumed the responsibility of alerting and safeguarding the community against such fraudulent activities.
In a statement made last month, Kusama emphasized that the Shiba Inu team has not released SHI and TREAT tokens. Kusama explicitly stated that any token purporting to be created by the team is fraudulent and should be considered fake.