A huge number of people slammed the Sei crypto project team and said that it is not more than a scam project citing several reasons.
SEI token is the native token of the Sei blockchain, a highly scalable & efficient crypto network launched on 15 Aug 2023. SEI Labs, the team behind the SEI token, aimed to bring a high level of scalability & low-cost trade across the decentralised crypto exchanges.
From 16 to 18 Aug 2023, the “SeiScam” hashtag was trending on X (formerly Twitter). The majority of the X users called this crypto project just a scam.
Following the launch of the Sei token on top crypto exchanges, the trade price of the SEI token surged by nearly 3,100%. The Sei crypto project team promised to reward “pioneering users of blockchain technology from across many ecosystems”, to make “a truly cross-chain airdrop”.
After the launch of this token, the majority of the crypto users, who participated in the Sei token airdrop program, reported that the Sei token team closed the discord channel & Sei token investors are unable to understand the precise way to claim the airdrop token rewards.
In response to these criticisms, the Sei project team responded indirectly but failed to grab the trust of the Sei airdrop token participants.
A crypto enthusiast said that the Sei token team failed in its Airdrop campaign and this is the reason why people are calling it a scam.
SEI token price action
The current trade price of the Sei token is $0.15 & this trade price is 23% down over the last 24 hours’ trade price.
This big downfall in the trade price of this new crypto token is showing that people are ready to lose interest from this project but it will be interesting to see the next step by the Sei token team in the crypto Defi industry, whether it will bring any better ecosystem for crypto traders or will fail to fulfil the promise.