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Shiba Inu Lead Developer Exposes Fake TREAT and SHI Stablecoin Scam

Shiba Inu lead developer Shytoshi Kusama has called out a scammer for promoting a fake version of the yet-to-launch tokens.

One of the most anticipated launches for the Shiba Inu ecosystem – the SHI stablecoin and TREAT Token – is also a tool bad actors use to target unsuspecting investors. However, the Shiba Inu team has remained abreast of such fraudulent attempts and readily calls out anyone promoting fake versions of the tokens.

In the latest development, Shiba Inu’s lead developer, Shytoshi Kusama, called out an X user promoting a fake TREAT token and SHI stablecoin version. In a post, the user included a message calling users to check out allegedly new SHIB launches, the TREAT token, and the SHI stablecoin.

The post included contract addresses for the fake tokens and has garnered over 5000 views at the time of writing. The increased viewership may have been aided by the fact that the account had Shiba Inu’s developer lead, Shytoshi Kusama, as a follower.

Meanwhile, Shytoshi was quick to debunk the rumors with a response a few days after the scammer’s original post. As the Shiba Inu lead confirmed, the account promoted fake tokens and contract addresses.

Additionally, the bad actor may have purchased the account from its original user for the purpose of promoting his scheme. Shytoshi Kusama may have followed the original account owner, with the bad actor now seeking to capitalize on that privilege to swindle unsuspecting investors.

Notably, some users may have fallen prey to the scheme, albeit not only from the recent X post. At the time of writing, the fake SHI stablecoin had over 300 holders on Etherscan, while TREAT had over 1100 holders.

Either way, Shytoshi Kusama labeled such attempts to defraud users “shameful.” SHIB investors must remain wary of falling for these schemes and rely only on official news channels used by the prestigious project.

Fake. And looks like you bought the account so it showed I followed you. Shameful. Smh. Do better.

— Shytoshi Kusama™ (@ShytoshiKusama) November 19, 2023

SHIB Thrives Amid Market Recovery

The increased move by bad actors to target SHIB investors comes at a time when the crypto market has seen a broader recovery and, thus, a higher mainstream interest in the Shiba Inu ecosystem.

In the past month, the price of SHIB has increased by 25%, hitting a high of $0.0000095. SHIB currently trades at $0.000008647, maintaining a market cap of $5.1 billion.

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