The Shiba Inu community received a vital message from its lead developer, Shytoshi Kusama, urging caution regarding the upcoming TREAT token. Kusama issued the alert via Twitter on July 21st, 2024, in response to misinformation circulating about the token’s launch.
The issue stemmed from an article by Crypto.com that mistakenly assumed the TREAT token was already available. This error, according to Kusama, led to the spread of a fake TREAT token and its associated website, potentially designed to scam unsuspecting investors.
“Correct. Sadly, @cryptocom wrote about our TREAT token that is not yet launched, assuming incorrectly that it was,” Kusama tweeted. He emphasized the importance of caution, stating, “Proceed with caution with this other Treat token (and many other spoofs that will inevitably be created to scam you).”
This incident highlights a recurring problem in the cryptocurrency space: the proliferation of scam tokens that mimic legitimate projects to deceive investors. Scammers capitalize on the popularity of established tokens like Shiba Inu to create fake versions and lure unsuspecting users into investing.
The Shiba Inu team has repeatedly stressed that the official TREAT token launch has yet to occur. Any token claiming to be TREAT currently available on the market is likely a scam and has no connection to the Shiba Inu ecosystem.
To protect themselves, the Shiba Inu community is urged to be vigilant and exercise caution. Here are some key takeaways:
- Do Your Own Research (DYOR): Always conduct thorough research before investing in any cryptocurrency, especially new projects like TREAT. Verify information through official channels and avoid relying solely on third-party sources.
- Beware of Fake Websites and Tokens: Scammers often create websites and tokens with names similar to legitimate projects. Be cautious of unsolicited messages or promotions, and double-check the source before interacting with any token.
- Follow Official Communication Channels: Stay updated on project developments by following the official communication channels of Shiba Inu. This includes their website, social media accounts, and community forums.
By following these steps, the Shiba Inu community can protect themselves from falling victim to scams and ensure they invest only in legitimate projects.