DeFi project Mpeppe faces criticism as investors claim tokens lack liquidity despite a new claim portal releasing 25% of owed tokens with more promised.
Project for a blockchain casino, they claim they cannot sell due to a lack of liquidity, despite Mpeppe launching a claim platform that allows them to get 25% of the tokens owed.
According to claims from token holders on November 26, Mpeppe, a gambling and decentralized finance (DeFi) project, is releasing 25% of the tokens it owes investors through a new claim portal.
Nevertheless, some investors gripe that they cannot trade the coin due to its lack of liquidity.
Because the firm took cryptocurrency for the tokens without delivering them to users, some investors accused it of running a phony presale in August. At the time, blockchain data revealed that every token was stored in a single address and had not been transferred.
The project’s UI asked for personal data, such as the user’s email address and phone number, but it didn’t ask for the buyer’s cryptocurrency address so that tokens could be sent there.
According to them, the project has now developed a claim portal that requests user wallet connections.
One stated that, even though the remaining tokens had not been provided, they had successfully collected 25% of the tokens owed to them.
More tokens will be available on December 25, according to a screenshot of the app’s dashboard that one user submitted.
According to blockchain data, the project distributes the tokens through a typical airdrop contract. To date, more than 700 users have claimed their tokens.
One user asserted that the coin has no liquidity on Uniswap and is reportedly unsellable even though token deliveries appear to be positive news:
I am a semi-experienced cryptocurrency investor who has invested $600. But when the claim was received, 1) only 25% of it could be claimed, 2) the coins are worthless, you can’t trade them, and they have no value on Uniswap when you try to exchange them for ETH 3. On the first day, there was a discussion about a BitSwap release; I have yet to see any of it.
As of November 27, attempting to sell Mpeppe on Uniswap for USDC$0.9998 or Ether ETH$3,484.83 resulted in an error message stating that “no routes available.”
Mpeppe declared the launch of its Telegram gaming platform on October 30. Additionally, the company stated that it is getting ready to open an online casino where customers can wager using the Mpeppe currency.
The project stated on its website that it is working on a mobile application that will be available on the Apple App Store and Google Play.
