- The Shiba Inu community is on high alert due to increasing scams surrounding the anticipated TREAT token launch, with fraudulent activities targeting eager investors.
- Scammers exploit excitement by circulating false information and fake websites, prompting the community to issue warnings and emphasize the importance of vigilance to safeguard against financial losses.
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.
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.
Untrue. Do better. https://t.co/dIxnVyPTqq
— Shytoshi Kusama™ (@ShytoshiKusama) August 5, 2023
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.
The Rise of Shiba Inu Scams
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.
The anticipated release of TREAT brings excitement to the Shiba Inu community, but it also serves as a reminder to remain cautious in the face of increasing scam activities. As the ecosystem continues to evolve, staying informed and vigilant becomes ever more crucial to safeguarding investments and assets.
