Gushiken Yona
Shiba Inu’s lead developer, Shytoshi Kusama, exposed a major error made by cryptocurrency exchange Crypto.com, involving a misleading link to a “Treat” token not officially associated with the Shiba Inu ecosystem.
This revelation came at a critical time for the Shiba Inu community, as the development team is currently trotting the globe in a campaign dubbed “TREAT Yourself.” This initiative, according to Kusama, aims to facilitate in-person meetings with members of the Shib Army in various locations, highlighting the importance of the TREAT token.
The Tail-Wagging Why: TREAT, the token in question, is planned to be introduced into the Shiba Inu Ecosystem to serve multiple purposes, including providing liquidity to the $SHI Stablecoin. Both TREAT and SHI have not been released yet, making Crypto.com’s error particularly concerning. The exchange’s misstep occurred in a weekend blog post intended to guide users through the Shiba Inu ecosystem. The post erroneously linked TREAT to an external URL not affiliated with Shiba Inu, sparking concerns about potential scams and security risks.
Beyond the Bark: The issue was first identified and brought to light by the X account ShibArmy Scam Alerts (susbarium on X), an official account dedicated to exposing scams and protecting the community. Kusama, in a recent X post, quoted the account and acknowledged its vigilance, stating, “Proceed with caution with this other Treat token (and many other spoofs that will inevitably be created to scam you).” The Shiba Inu team, in collaboration with Susbarium, promptly responded to the incident, emphasizing their commitment to user security and the importance of verifying sources.
Sniffing Out the Numbers: The incorrect link was included in a section of the blog post discussing the five tokens within the Shiba Inu ecosystem: SHIB, BONE, LEASH, TREAT, and SHI. This misrepresentation could have led users to invest in a token not in any way associated with the Shiba Inu ecosystem, potentially causing significant financial losses. The incident underscores the importance of due diligence and vigilance in the cryptocurrency space, where misinformation and scams are prevalent.
The Caveat: Crypto.com has since rectified the error, but the incident serves as a stark reminder of the risks associated with cryptocurrency investments. Users are advised to always verify information from trusted sources and exercise caution when encountering unfamiliar tokens or links. The Shiba Inu team’s swift response and commitment to transparency are commendable, demonstrating their dedication to safeguarding the interests of their community. The role of ShibArmy Scam Alerts in promptly identifying the issue further emphasizes the importance of community-led efforts in combating scams and protecting the integrity of the Shiba Inu ecosystem.
Read More
- Shiba Inu’s TREAT: A New Token Soon and Global ‘Treat Yourself’ Tour
- Shytoshi Kusama Delivers on Ryoshi’s Shiba Inu Dream, ShibaCon 2024
- Exclusive: A Shib Army Member Recounts His Surprise Meeting With Shytoshi Kusama in Japan
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
