Fake OMNI Token Rug Pulls $400k as Real Token Price Crashes Over 55%

cryptonews.com:

The launch of Omni Network’s OMNI token on April 17 marked a significant milestone for the Layer-1 testnet blockchain, which aims to enhance Ethereum rollup interoperability. 

The  airdrop of 3 million OMNI tokens , constituting 3% of the total token supply, attracted considerable attention from early test network users, developers, and community participants.

However, the fraudulent activity of a fake OMNI token overshadowed the event.

Despite the initial excitement surrounding the real OMNI token’s launch, its value experienced a drastic decline of over 55%  within hours of the airdrop. This sharp downturn, from $53.80 to below $24, raised concerns among investors and stakeholders about the token’s stability.

Omni Network was founded by Harvard graduates and built by a team of industry veterans from places like the Ethereum Foundation. Omni is an Ethereum-native interoperability protocol that establishes low-latency communications between all Ethereum rollups. 

With a total token supply of 100 million OMNI tokens, the project aims to balance community engagement, ecosystem development, and investor incentives.

Following the token launch at 14:00 on April 17, the network distributed 3 million OMNI tokens, equivalent to 3% of the total token supply of 100 million, to eligible users during the airdrop event. At the onset, OMNI boasted a market value of $560 million.

However, within just half an hour of its release, OMNI witnessed a sharp decline in its price, dropping by about 30% from $53.80 to below $39. This initial price drop triggered significant market volatility, leading to a continued downward trajectory for OMNI’s value. The token’s price plummeted further, falling below $24, representing a staggering drop