The utility token of Anonify, ONI, has experienced a dramatic downtrend. The value dropped over 90% in recent weeks, unlike the rest of the crypto market, which saw prices rise significantly, with Bitcoin reaching new highs.

ONI token, which saw a surge in demand following its launch on February 20, achieved an all-time high of $1.18 but has since experienced a bearish trend, trading at a mere $0.025 on March 14.

ONI Price chart  24 hrs Chart, Source: CoinMarketCap
This significant decline has sparked discussions among investors and analysts regarding the possibility of Anonify being a potential scam.

Anonify, a privacy-centric Telegram bot, claims to facilitate secure cross-chain swaps across various blockchains while emphasizing complete anonymity and ensuring the confidentiality of users’ identities.

The project’s Blast Bridge, designed to enhance the user experience by enabling smoother interactions between Ethereum (ETH) and the Blast Layer 2 (L2) network, was announced with the launch of Blast’s mainnet on February 26. 

Anonify is thrilled to announce the launch of $Blast <-> $ETH bridging capabilities on the 26th, aligning with Blast’s mainnet debut. Bridge effortlessly between Blast and ETH in both directions, without the 14-day wait period typically associated with Blast’s official bridges.… pic.twitter.com/JbFSCztoqJ

— Anonify (@AnonifyBot) February 24, 2024

While the team revealed plans to repurpose the user interface for a forthcoming web app aimed at offering a more seamless swapping experience, the project’s claims of facilitating a significant increase in liquidity inflow into the Blast Ecosystem over the last five days have raised eyebrows.

The sudden decline of the ONI token, coupled with the project’s shifting narratives, has raised speculation regarding the potential of Anonify being a scam operation, leading to concerns among investors and the broader cryptocurrency community.

Also read: Swell Taps Polygon’s AggLayer for Crypto Restaking Solution

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