On June 2, a member of the Shibarium team and developer named DaVinci issued a warning to the Shibarium community regarding malicious activity on the network. This activity resulted in the release of a fake token called TREAT. DaVinci cautioned investors, speculators, and the Shibarium community that the fake token has not been officially launched and has no affiliation with the official development on Shibarium.
The malicious actors behind the fake token even used the official shib.io address in their online posts to make their token appear legitimate. To address this issue, a warning has been posted on CoinGecko for the TREAT token, informing users that it is not affiliated with Shiba Inu or their upcoming privacy-focused Layer 3 blockchain. Users are advised to do their own research before trading the token.
The actual TREAT token is still in development and is part of the wider Shibarium ecosystem, which includes tokens like Shiba Inu (SHIB), BONE, LEASH, and the SHI stablecoin. TREAT is primarily a reward token 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 like paying gas fees and governing the ShibaSwap platform, which is a decentralized exchange. LEASH grants holders priority in land sales and onboarding for Shibarium’s upcoming metaverse. LEASH tokens have a low supply compared to other tokens in the ecosystem, contributing to their high price. On the other hand, SHIB has a large total supply with a low value per token.
In order to combat crypto hacks in real time, a team of white hats called ‘SEAL 911’ has been formed.