Omni Network token drops 55% after airdrop, fake token completely carpets

Omni Network's ERC-20 token OMNI is down more than 55% 18 hours after its airdrop, halving its market capitalization.

Meanwhile, a fake token with the same name is dropping 100 percent in value as it has been called “Carpet Pulled”.

Ethereum aims to link the Layer-1 testnet blockchain with 3 million OMNI – 3% of its 100 million token supply – to its community contributors on April 17th at 11am UTC. OMNI, market cap was $560 million.

In half an hour, OMNI fell nearly 30% from $53.80 to $39 and continued to slide to around $24 — down more than 55%.

Its current market cap is $267.5 million, giving it a full net worth of about $2.57 billion, according to Koingeco.

Early testnet users, builders and community participants of the airdrop received 50% – 1.5 million OMNI – the latest airdrop received $36.2 million. Eligibility will be determined instantly on April 3rd.

The rest of the tokens are divided variously between some non-volatile token (NFT) projects and others, including EigenLayer restakers and Pudgy Penguins.

Omni Network revealed on April 15 that 9.27 million OMNI – 9.27% ​​of its total supply – were set aside as public launch tokens to be used for “pools launch and liquidity”.

The largest piece of OMNI – 29.5 million of the supply, 29.5% – is set aside for “ecosystem development” and will first be decided by the blockchain support organization Omni Foundation.

Nearly a quarter of OMNI – 23.3 million – is allocated to investors and advisors.

Consultants received 625,000 OMNI worth $15 million today – another 875,000 OMNI to come a year later, then 437,500 OMNI every six months for two years.

Investors' tokens were on a three-year unlocking schedule, with about 6.7 million tokens – worth $161 million today – arriving after 12 months, with the rest unlocking every six months until the end.

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Meanwhile, fake OMNI token developers pulled $398,000 in exit scams using the same ticker.

Blockchain security firm PeckShield wrote in an April 18 post that the fake token was reduced 100% after its smart contract dumped more than 1.7 quadrillion tokens for 132 bundles of Ether (WETH).

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