Mpeppe project investors claim to be victims of fraud after not receiving promised tokens despite making payments.
Accusations Against Mpeppe
The hybrid gambling, memecoin, and decentralized finance project Mpeppe, also known as MPEPPÉ or MPEPE, is being accused of orchestrating a fraudulent presale. Several investors allege that they paid for tokens but did not receive them. One investor, known as 'Chosen,' stated that they sent $1,996 worth of USDT stablecoin to the project's deposit address but did not receive the tokens in return. The investor discovered the project after seeing a promotional post on a website, which led them to believe the project was legitimate.
Token Structure and Suspicions
Blockchain data indicates that the entire supply of Mpeppe tokens is held by the deployer account, and no tokens have been distributed to investors. The official website requires users to provide personal information, such as an email address and phone number—an uncommon practice for crypto projects. After providing this information, users are directed to a dashboard to select the cryptocurrency for payment and the number of tokens they wish to purchase. However, instead of automatically transferring tokens, users receive a QR code for payment.
Risks for Investors
Mpeppe’s presale practices raise concerns, as there is no blockchain-based contract to automatically deliver tokens. All funds are sent to an external account, indicating a potential exit scam. The project is also pseudonymous, making it difficult to pursue legal action. These factors combined increase the risks for investors.
So far, no investors have received Mpeppe tokens in exchange for their payments. Investors are advised to be cautious and aware of the risks before interacting with the project.
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