Token Distribution Begins, But Liquidity Remains a Challenge
Mpeppe, a blockchain-based casino platform, has begun distributing 25% of the tokens owed to its investors, though many are facing liquidity challenges. The move, announced on November 26, came after the platform launched a claim portal for users to access their tokens. However, several investors are reporting that they are unable to trade their tokens due to a lack of liquidity, particularly on platforms like Uniswap.
Concerns Over Fraudulent Presale and Token Distribution
Mpeppe’s platform, which integrates decentralized finance (DeFi) and online gambling, has faced previous accusations of holding a fraudulent presale. In August, investors claimed they paid for tokens but did not receive them, with blockchain records showing all tokens stored in a single wallet with no movement. Despite the ongoing concerns, Mpeppe has now made 25% of the tokens available for claim through its portal, requiring users to connect their wallets but also asking for personal details, including phone numbers and email addresses.
Challenges in Token Trading
While the claim portal allows users to receive their tokens, many have expressed frustration over the inability to trade them. One investor reported a “no routes available” error when attempting to exchange Mpeppe tokens on Uniswap for ETH. The lack of liquidity has left many tokenholders unable to sell their assets, despite successful claims being made by over 700 users.
Future Plans and Continued Issues
In addition to token distribution, Mpeppe announced plans for a Telegram-based gaming platform and an online casino where users can bet with Mpeppe tokens. However, the project’s liquidity issues may continue to cast doubts on its long-term viability, especially as the remaining tokens are slated for release on December 25.
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