Serpin Token Faces Scrutiny Over 85% Refund Process After Coinbase Listing

Serpin’s token was listed only on Coinbase after its token generation event, while participants faced a lengthy process to retrieve 85% of their funds, blockchain investigator Specter said in an Oct. 10 post on X.

Specter questioned the project’s limited exchange availability, citing low liquidity and the absence of listings on MEXC and KuCoin. The token generation event had initially been planned for September before being delayed.

Specter also questioned why Serpin would not provide full refunds for the project’s own decisions and mistakes. Participants must complete verification before retrieving 85% of their funds.

The post further questioned Serpin’s decision to issue a token and conduct an initial coin offering after previously indicating that it would not issue a token. Specter said the project remained inactive during the token generation event.