Shiba Inu Lead Developer Alerts Community to Fake Tokens Circulating in the Market
Shiba Inu’s lead developer, Shytoshi Kusama, recently took to Twitter to alert the community about the circulation of fake tokens related to the unreleased SHIB ecosystem. In his tweet, Kusama specifically warned users against investing in SHI and TREAT tokens, emphasizing that these tokens are not yet available.
Shytoshi Kusama Warns SHIB Community Against Scammers
This cautionary message came shortly after Kusama unveiled Shibacals: Authenticated Collectibles, a highly anticipated physical product tied to the Shiba Inu project.
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And no Treat and Shi are not yet available. Please dont get scammed.
— Shytoshi Kusama™ (@ShytoshiKusama) June 21, 2023
The Shiba Inu community’s dedicated scam tracking platform, Shibarium Scam Alerts, corroborated the reports of fake tokens. The platform urged the community to be cautious and avoid falling victim to these illicit tokens, reiterating that official releases of SHI and TREAT had not yet occurred. Shibarium Scam Alerts even shared a screenshot from a scammer’s Twitter promotion, exposing the contract addresses for the counterfeit SHI stablecoin and TREAT. Additionally, the scammer claimed that the Shibarium mainnet launch was scheduled for July 6, 2023.
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🚨SHIBARMY WARNING:🚨
Beware of fake claims of SHI and TREAT which have not been released
Keep safe shibarmy pic.twitter.com/GVeRcyoxHX
— Shibarmy Scam Alerts (@susbarium) June 21, 2023
To delve deeper into the matter, Cryptolifedigital conducted an investigation into the Twitter handle mentioned and discovered that it was created on July 10. Curiously, the account had amassed 2,139 followers on the platform. Among these followers were prominent members of the Shiba Inu community, including @ShibaInuHolder.
Lord Gaudy, the Twitter user in question, enticed potential investors with promises of substantial returns if they purchased SHI and TREAT before the Shibarium mainnet went live on July 6.
Gaudy also claimed that TREAT incorporated a burn mechanism of 0.25%, while SHI implemented a burning tax of 2%. It is important to note that SHI is an upcoming algorithmic stablecoin for Shiba Inu, intended to be pegged to 1 cent ($0.01) upon its release.
Similarly, TREAT is an upcoming token within the Shiba Inu ecosystem, slated to be rewarded for staking and liquidity provision. As of now, the official launch date for these tokens has not been announced by the Shiba Inu team.
Scammers Exploit Unreleased SHIB Ecosystem Tokens, Shytoshi Kusama Issues Warning
Unfortunately, scammers continue to target members of the Shiba Inu community through various deceptive tactics. Nevertheless, Shytoshi Kusama has taken it upon himself to ensure the community remains vigilant and informed about these fraudulent activities.
In light of this situation, it is crucial for Shiba Inu supporters and investors to exercise caution, avoid engaging with unauthorized token offerings, and rely on official announcements from trusted sources within the project. Remaining alert and informed will help safeguard against falling victim to scams and protect the integrity of the Shiba Inu ecosystem.
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