Shiba Inu Partner Issues New Warning Ahead of Token Launch

  thecryptobasic.com 07 March 2024 09:05, UTC

K9 Finance, an official Shiba Inu partner, issues a new warning to the crypto community ahead of the launch of its native token, KNINE.

In an X post yesterday, Buzz.Shib, the founder of the K9 DAO, warned the crypto community that its native token is not yet available for trading on Ethereum-based decentralized exchange Uniswap.

DO NOT BUY @K9finance before the official announcement on March 7

The $KNINE token is deployed BUT the token is PAUSED. You will NOT be able to purchase or transfer tokens before the tokens are unpaused by the DAO Wallet

🚨🚨 THE TOKEN IS NOT LIVE FOR TRADING UNTIL MARCH 7 🚨🚨…

— Buzz.Shib | Shibarium (@buzzdefi0x) March 5, 2024

He stated that while the token has been deployed on the DEX, the K9 team has paused its trading until March 7, the date scheduled for the official launch of KNINE. According to Buzz, anyone trying to purchase KNINE before its official launch date will receive an error message.

Structure for KNINE Launch

He outlined a structure the team will follow for KNINE’s launch. Per Buzz, the K9 team will add $100,000 worth of liquidity on Uniswap, with $50,000 allocated for KNINE, while the other $50,000 will be in ETH.

Afterwards, KNINE trading on Uniswap will commence. The team will then notify crypto community members via its X and Telegram channels that the tokens have been “unpaused” for trading.

Furthermore, Buzz revealed that the team will also update its website with the official KNINE contract address and a link to where users can purchase the token.

K9 Warns Users Ahead of KNINE Launch

Having completed the presale of KNINE in January, the team disclosed that the token generation event (TGE) will take place on Uniswap on March 7.

As the Shiba Inu community eagerly anticipates KNINE’s deployment on Uniswap, Buzz had to release the warning to protect unsuspecting investors ahead of the TGE. Notably, scammers are seen making false claims that KNINE trading has commenced.

These scammers attempt to lure unsuspecting investors into clicking phishing links that could result in a loss of funds. As a result, the K9 team stressed that the KNINE token is still paused on Uniswap. It cautioned potential KNINE investors to only follow official links and double-check every link before clicking.

For context, K9 Finance is a liquid staking derivative platform on Shiba Inu’s L2 blockchain Shibarium. It aims to establish the foundational pillars of real decentralized finance (DeFi) within the Shibarium ecosystem.

In February, Shiba Inu unveiled K9 as an official partner of Shibarium. With this, K9 became an official Shibarium validator, thus allowing stakers to earn rewards in BONE. Following its introduction as a Shibarium partner, Buzz claimed that the K9 liquid staking platform could bolster the network’s total value locked (TVL) by up to 50X.

Source