Anonify devs’ silence and sudden drop in price raise concerns about possible rug pull
ONI, the utility token of Anonify, has suffered a significant drop of over 90% in recent weeks, in contrast to the overall cryptocurrency market which has seen prices rise. Bitcoin, for example, has reached new highs. The token experienced a surge in demand after its launch on February 20, reaching an all-time high of $1.18 on February 28, but has since fallen to $0.01974 by March 13. This sharp decline has raised concerns about the project being a potential scam.
Anonify is a privacy-focused Telegram bot that enables secure cross-chain swaps across different blockchains. It prioritizes anonymity, eliminating the need for personal information and ensuring user identities remain confidential. The platform’s key feature is its ability to facilitate easy token and coin exchanges between different blockchains.
Anonify’s Blast Bridge, as described by the project, aims to improve user experience by enabling smoother interactions between Ethereum (ETH) and the Blast Layer 2 (L2) network. With the launch of Blast’s mainnet on February 26, Anonify announced its bridging capabilities between BLAST and ETH. This allows users to bridge assets between the two networks without the usual 14-day waiting period required by official Blast bridges. The project claims this will increase liquidity inflow into the Blast Ecosystem, improving transaction efficiency and security.
However, on March 1, the Anonify team addressed an issue where some users prematurely accessed the Blast L2 mainnet by bypassing the official bridge using an Ethereum contract address. To mitigate potential risks, the team chose to delay the activation of their bridge, emphasizing their commitment to platform security and integrity. The team also clarified token transfers to counter speculation about selling activities.
On March 8, Anonify announced the imminent shutdown of the Blast -> ETH bridge due to a lack of significant demand. Despite this, the team revealed plans to repurpose the user interface for a forthcoming web app that will offer a more seamless swapping experience, aligning with their roadmap.
One investor in ONI, known as “Grinding Poet,” expressed concerns about the lack of updates from the developers and the presence of a 4% buy/sell tax, suggesting possible ulterior motives. Grinding Poet had hoped for a fast both-way bridge for Blast with a privacy narrative, but was disappointed by the project’s performance. The investor believes that insiders may have sold their assets while most outsiders are still holding onto theirs, leading to a significant price drop. Other users in the ONI investor community have also voiced frustrations and complaints about project management and marketing efforts.
At the time of writing, the ONI token is priced at just $0.02474, a decrease of 97.9% from its all-time high.
