- Scammers exploit the hype around TREAT token release.
- Phishing attacks and scams harm victims, raising concerns about trust and SHIB’s reputation
Shiba Inu’s [SHIB] ecosystem has been gaining traction over the last few months. NFTs and DEXs have also played a large role in making the network popular.
In for a treat
However, bad actors across the internet have capitalized on the rising interest in Shiba Inu. More specifically, these hackers have exploited the hype around the TREAT token.
For context, TREAT is a token set to join the Shiba Inu Ecosystem with various functions, including enhancing liquidity for the SHI Stablecoin.
It will take over from BONE token as the reward token for ShibSwap (DEX) and extend rewards to the Metaverse and the blockchain iteration of the Shiba Collectible Card Game(NFT collection).
The attackers have been preying on people who think that the TREAT token has been released.
⚠️ Shiba Ecosystem’s $TREAT has not been officially released.
Be wary of malicious groups attempting deception.
Tokens NOT affiliated with Shiba Ecosystem are in circulation like $Treat or $Shi, have no connection to Shibarium, and are falsely using the Shibarium logo.
They… pic.twitter.com/w70BZiLEi4
— Shibarmy Scam Alerts (@susbarium) January 31, 2024
The misinformation and fraudulent activities surrounding the perceived release of the TREAT token could have detrimental effects on SHIB.
Firstly, the confusion and false expectations generated by the scams may erode trust among the Shiba Inu community, potentially leading to a decline in confidence and credibility. Moreover, victims of these phishing attacks may suffer financial losses, impacting their ability and willingness to engage with the broader Shiba Inu ecosystem, including holding or trading SHIB tokens.
The negative publicity stemming from the scams could also deter new investors and participants from entering the Shiba Inu community, hindering potential growth.
Additionally, such incidents can attract regulatory scrutiny, which may result in increased regulatory oversight or interventions, negatively affecting SHIB’s market dynamics.
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State of SHIB
At press time, SHIB was trading at $0.000008888 and its price had fallen by 1.49% in the last 24 hours. The network growth of SHIB fell significantly, showcasing that interest from new addresses in SHIB had massively declined.
Moreover, the velocity at which the token was trading also dropped, indicating that the new addresses have lost interest in the token.
Source: Santiment