On-chain Detective Specter Questions Serpin's TGE Performance and Refund Plan

On October 10, according to disclosures from Specter, the organization publicly questioned Serpin’s recent TGE and subsequent handling. Specter pointed out that Serpin had previously claimed it would not issue tokens, but ultimately proceeded with an initial coin offering (ICO) and delayed its TGE until recently. After the token went live, however, the team took few proactive steps.

Additionally, the token launched with extremely low liquidity and was listed solely on the Coinbase exchange, failing to secure additional liquidity on other platforms for trading. On the matter of refunds, Specter questioned why participants are required to endure a lengthy verification process to reclaim just 85% of their funds, and urged the project team to offer full refunds to participants, noting that the TGE fell short of expectations due to the team’s own strategic missteps.