CoinDCX Faces Backlash Over Listing Scam Token PEIPEI

PeiPei (PEIPEI) is a meme coin that combines the famous Pepe the Frog meme with Chinese cultural elements to create a unique and entertaining digital experience. It was created in June 2024 on the Ethereum Blockchain.

The live PeiPei price today is $0.0000001246 with a 24-hour trading volume of $4,404,303. The current CoinMarketCap ranking is #659, with a live market cap of $51,375,833.

It has a circulating supply of 412,280,052,628,514 PEIPEI coins and a max supply of 420,690,000,000,000 PEIPEI coins.

What is Happening with $PEIPEI Coin on Coindcx ?

Did they list the wrong token 30x above market price ?

Requesting @CoinDCX team to answer these questions & bring solution for impacted users. pic.twitter.com/Qgals3qqCN

— Aditya Singh (@CryptooAdy) December 2, 2024

Incident Highlights Preference for Foreign Exchanges

Yesterday’s incident has underscored why the Indian crypto community often prefers foreign exchanges over domestic ones.

On CoinDCX, one of India’s largest cryptocurrency exchanges, the buying price of the token PEIPEI was ₹0.031, while the selling price was a mere ₹0.000031. This discrepancy, with the buying price almost 1000 times higher than the selling price, clearly indicates a severe lack of liquidity.

Yesterday's incident highlighted why the 🇮🇳Indian crypto community prefers foreign exchanges over Indian exchanges.

On @CoinDCX, buying price of $PEIPEI: ₹0.031

Selling price of PEIPEI: ₹0.000031

The buying price was almost 1000x higher than the selling price, which clearly… pic.twitter.com/fAt5zmV3zb

— Wise Advice (@wiseadvicesumit) December 1, 2024

Listing of Scam Token

Adding to the controversy, the PEIPEI token listed on CoinDCX was identified as a scam token that had already rug pulled in August. The founder of the legitimate PEIPEI token confirmed that they have no affiliation with CoinDCX, meaning the exchange listed a fraudulent token. This has led to significant financial losses for many users, with some unable to sell due to poor liquidity and others reporting incorrect amounts after selling.

User Reactions and Concerns

The incident has sparked outrage among users. Many have expressed their frustration on social media, highlighting the lack of verification and due diligence by CoinDCX. “India’s biggest exchange is listing a token, and their team isn’t even verifying?” questioned one user. Another user lamented, “I am part of this scam and still no update from CoinDCX.”

Disclaimer: The article is based on the above tweet by Wise Advice. Always conduct your own research and consult with a professional financial advisor before making any investment decisions.