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Omni Network Plummets Amidst Deceptive Token Scam: Report

A bogus Omni Network token has been implicated in a significant rug pull incident, with its value dropping by 100%. Peck Shield, a prominent blockchain security firm, uncovered the deception in a recent  X post, revealing that the fake OMNI tokens were sold for 132.08 wrapped ETH (wETH), approximately $400,000 in value.

The fraudulent activity was timed to exploit the official launch of the Omni Network’s genuine OMNI token. The scammers replicated the name of the legitimate token, creating confusion and attracting unwary investors.

Omni Network, an innovative platform designed for integrating Ethereum rollups to enhance intercommunication, recently secured a substantial $600 million delegation agreement with Ether.Fi, a notable liquid restaking protocol. This collaboration underscores Omni Network’s expanding influence and potential within the blockchain ecosystem.

In April, Omni Network made a significant announcement regarding its OMNI airdrop details. The total issuance of OMNI tokens was 100 million, of which only 3% was to be distributed through the airdrop. The recipients of the airdrop were given a period of 45 days to claim their tokens, which aimed to encourage their participation and engagement within the community.

The airdrop distribution is meticulously planned, half is earmarked for members of the Omni community, amounting to 1.5 million OMNI tokens. The remainder will benefit various stakeholders in the blockchain community, including EigenLayer restakers, Beacon Chain stakers, and holders of various NFTs such as Milady Maker, Redacted Remilio Babies, Pudgy Penguins, and Ninjas. Strategic partner protocols are also included in the airdrop recipients.

Adding to Omni Network’s mainstream engagement, OMNI was listed on major cryptocurrency exchanges such as Coinbase and Crypto.com. However, despite these advancements, the token’s value experienced a dramatic fall, dropping over 47.27% post-launch.

The incident serves as a stark reminder of the vulnerabilities in the crypto market, where the excitement of new ventures and technologies can sometimes be overshadowed by fraudulent schemes aimed at capitalizing on investor enthusiasm and confusion. As the blockchain community grows, the need for vigilant security measures and informed investment decisions becomes ever more critical.

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