DeFi Casino Mpeppe Investors Claim Unable to Trade Tokens Due to Lack of Liquidity
Date: 2024-11-28 Author: Henry Casey Categories: CRYPTO PAYMENTS
Mpeppe, a platform combining gambling and decentralized finance (DeFi), announced that it would provide investors with 25% of the total token supply through a new portal, according to reports on November 26. However, many users are expressing dissatisfaction as the tokens remain unusable for trading.
Earlier in August, the project was criticized for suspected of conducting a sham presale. Investors claimed that the cryptocurrencies they invested did not result in the receipt of tokens. According to blockchain data, all the tokens were located at one address and did not move. In addition, the platform’s interface collected personal data such as a phone number and email address, but did not ask for crypto addresses to transfer tokens.
On November 26, two investors who wished to remain anonymous told Cointelegraph that the portal for receiving tokens had been launched and required connecting crypto wallets. One of them noted that he was only able to receive 25% of the amount owed, while the rest of the tokens were promised to be delivered after December 25.
According to the provided blockchain data, a standard airdrop contract is used to distribute the tokens, and more than 700 users have already received their shares. However, one of the investors claims that the tokens have no liquidity on the Uniswap platform and cannot be exchanged:
“I invested $1600 and have some experience in cryptocurrency. However, after receiving the tokens, it turned out that: 1) Only 25% of the total amount is available; 2) The tokens are worthless, they cannot be exchanged on Uniswap; 3) The promised exit to BitSwap never happened."
Attempts to exchange Mpeppe tokens for Ethereum or USDC on Uniswap result in a "no routes available" error.
The project has not yet provided any official comments. Cointelegraph's requests remained unanswered.
Despite the current problems, on October 30, the Mpeppe team announced the launch of a platform for games in Telegram, and also announced plans to open an online casino using the Mpeppe token. In addition, the project's website states that a mobile application is being developed for placement on Google Play and the App Store.
