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HomeNewsShiba Inu Lead Developer Sounds Alarm on Scammers: Beware of Fake SHI...

Shiba Inu Lead Developer Sounds Alarm on Scammers: Beware of Fake SHI and TREAT Tokens

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  • Shiba Inu’s lead developer, Shytoshi Kusama, alerts the community about fraudulent SHI and TREAT tokens being promoted by scammers.
  • Kusama is making concerted efforts to tackle the scam activities of a Twitter user named Lord Gaudy, who is promoting the fake tokens.

Shytoshi Kusama, the lead developer of Shiba Inu, has raised the alarm on counterfeit versions of the yet-to-be-released tokens in the SHIB ecosystem, namely SHI and TREAT.

The developer took to Twitter to caution the community against falling prey to these scam tactics. In his alert, Kusama emphatically stated that SHI and TREAT tokens were not yet available, urging followers to stay wary of fraudulent offers.

This warning came shortly after Kusama revealed Shiba Inu’s much-awaited physical product, Shibacals: Authenticated Collectibles, fueling further excitement in the community.

Adding weight to Kusama’s warning, Shibarium Scam Alerts, Shiba Inu’s dedicated scam-tracking platform, confirmed the circulation of these illicit tokens. The platform urged the community to exercise caution with these fake SHI and TREAT tokens, as the official versions had not yet been launched.

A Twitter user going by the name Lord Gaudy has been identified as promoting these counterfeit tokens, sharing contract addresses for the fake SHI stablecoin and TREAT. Gaudy has also claimed that the Shibarium mainnet launch will occur on July 6, 2023.

An investigation by The Crypto Basic revealed the Twitter account was created on July 10 and has already gathered over 2,000 followers, some of whom are prominent members of the Shiba Inu community.

Lord Gaudy’s strategy involves guaranteeing investors considerable returns on SHI and TREAT tokens once the Shibarium mainnet goes live. His false claims also suggest a 0.25% burn mechanism for TREAT and a 2% burn tax for SHI.

In response to these fraudulent activities, Kusama has actively sought to curb Lord Gaudy’s scam operations, as indicated by a screenshot of Kusama’s Telegram message shared by the scammer himself.

For the uninitiated, SHI is the upcoming algorithmic stablecoin for Shiba Inu. Unlike traditional stablecoins, SHI will be pegged to 1 cent ($0.01) upon its official release. Similarly, TREAT is an upcoming token in the Shiba Inu ecosystem, intended as a reward for staking and liquidity. The team has yet to announce an official launch date for these tokens.

With a rise in scam tactics targeting the Shiba Inu community, Kusama has remained vigilant, reiterating that any token purportedly created by the Shiba Inu team is fraudulent unless officially announced.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628
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