According to a recent alert from blockchain security company Peck Shield, the value of a fake Omni Network (OMNI) token has plunged by 100%. 

The deployer has dumped OMNI for 132.08 wrapped ETH (wETH), which is worth roughly $400,000 at current prices.

Peck Shield has noted that the rug pull token actually shares the same name as the legitimate one. 

The fraudsters wanted to capitalize on the launch of the OMNI token that took place on Wednesday. 

Omni Network is a platform that was created for integrating Ethereum rollups so that they would be capable of communicating with each other. 

Last month, it secured a major delegation deal with liquid restaking protocol Ether.Fi, with the latter committing $600 million worth of ETH. 

In April, Omni Network announced the details of the OMNI airdrop. The ERC-20 cryptocurrency has a total supply of 100 million tokens. Only 3% of that sum was supposed to get distributed via an airdrop. Following its airdrop, eligible users will have the ability to claim their rewards over a period that will last 45 days. 

Half of the airdrop is reserved for Omni community members (1.5 million OMNI tokens). The rest of the airdrop will go to EigenLayer restakers, Beacon Chain stakers,  the holders of Milady Maker NFTs and Redacted Remilio Babies NFTs,  Pudgy Penguins NFT holders, Ninjas NFT holders as well as strategic partner protocols. 

On Wednesday, OMNI was listed on such major exchanges as Coinbase and Crypto.com. 

However, following its launch on major exchanges, the price of the OMNI token plunged by more than 46%.