Mpeppe, a blockchain-based gambling and DeFi project, has launched a claim portal where investors can recover 25% of their owed tokens. However, tokenholders have reported issues with liquidity, stating that they are unable to trade the tokens.
On November 26, Mpeppe opened the portal to allow investors to claim part of their owed tokens. However, many users have reported being unable to trade the tokens due to the absence of liquidity, raising concerns about the project’s future.
Earlier in August, Mpeppe faced allegations of running a fraudulent presale, with some investors claiming that the platform accepted payments but failed to deliver the tokens. Blockchain records from that period indicated that all tokens were stored in one address, with no transactions taking place.
The claim portal collects phone numbers and email addresses but does not ask users for their crypto addresses, where tokens could be sent.
Two investors shared their experiences with Cointelegraph on November 26, confirming that they were able to claim 25% of their tokens, but the remainder was still unavailable. One user showed a screenshot from the app, which indicated that additional tokens would be released on December 25. Blockchain data shows that Mpeppe is using a standard airdrop contract for the token distribution, with over 700 users successfully receiving their tokens.
While this progress may seem promising, one investor expressed dissatisfaction, stating that they could not sell the token due to a lack of liquidity on Uniswap. The investor, who had invested $1,600, mentioned that they were unable to exchange Mpeppe for ETH or USDC.
Attempts to trade the token on Uniswap resulted in an error message indicating no available trading routes, as of November 27. Cointelegraph reached out to Mpeppe for comment but did not receive a response before publication.
In addition to the token distribution, Mpeppe launched a new Telegram-based gaming platform on October 30, with plans to introduce an online casino where players can use Mpeppe tokens to place bets. The project also announced plans for a mobile app, which will be available on Google Play and the App Store.