Crypto News – About eighteen hours after its airdrop, the Omni Network’s ERC-20 token, OMNI, had a drop of more than 55%, which eliminated more than half of its market value. A fake token with the identical name, however, has recently been “rug pulled,” with a 100% price drop.
Airdrop Fails: Omni Network Token Plummets 55% and Fake Token Complicates Things
On April 17, 3 million OMNI, or 3% of its 100 million token supply, were distributed to community contributors via the layer-1 testnet blockchain that aims to link Ethereum rollups. OMNI fell around 30% in less than 30 minutes, from $53.80 to under $39, and has now plunged to under $24, a decrease of more than 55%.
Participants in the community, early testnet users, and builders received 50% of the most recent airdrop, or 1.5 million OMNI, valued at around $36.2 million. On April 3, eligibility was ascertained by taking a snapshot. The residual tokens were distributed among EigenLayer restakers and a few nonfungible token (NFT) initiatives, such as Pudgy Penguins.
Fake Token Causes $398K Exit Scam
A $398,000 exit scam has been carried out by the creators of a phony OMNI coin that uses the identical ticker. The deployed smart contract unloaded almost 1.7 quadrillion tokens for 132 Wrapped Ether (WETH), causing a false token to collapse 100%, according to a post on April 18 on X by blockchain security firm PeckShield.
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