Cryptocurrency gaming platform Overlord’s native tokens, LORD and OVL have tanked in the recent days
The game faces some serious accusations of fraud by some of the regular players of the game
Users have taken to the social media to denounce the game as a scam project. The developers are suspicously silent
YEREVAN (CoinChapter.com) — Overlord, a crypto gaming platform on the Binance smart chain networks, has been left out of the recent pay-to-earn (P2E) party. While most major cryptocurrency gaming projects like AxieInfinity, Illuvium, and Splinterlands made massive gains, Overlord’s in-house tokens LORD and OVL have lost steam.
On Nov 15, LORD token registered a massive dip, falling as much as 40% to register a new all-time low. While it has recovered by 79% since then, it remains 90% below its all-time high of $0.023 attained on Sept 12 this year.
Meanwhile, VOL currently trades at $0.135, around 100% below its all-time high two months ago.
However, the negative price action is only half of Overlord’s worries. When CoinChapter posted an article covered by one of our journalists about the project on Twitter, the post received dozens of comments. Several disgruntled users revealed various problems they have faced with the project. A closer inspection about these complaints revealed undisclosed skeletons in Overlord’s closet. The entire project now smells of scam, or at least, of sheer incompetence.
Overlord(LORD) reeks of scam as complaints mount
When Overlord posted the news about the acquisition of the game on Sept 5, people ignored a few comments from users calling the project a scam. After all, P2E games were the new talk of the town. However, as the game’s new administration tried to carry the project forward, unhappy users increased by the day.
As Overlord tried to expand by inviting users to deposit and hold tokens to reap returns, Twitter users called out the project for their fake promises.
“I cant claim my OVL… U run away with the money? If I deposit my LORD will it be gone too? Played ur game since day1. Invested a lot… Thank u,”
Overlord uses two tokens on its platform. The LORD token is used for farming in a player vs. environment (PvE) setup, while the OVL token is used for player vs. player (PvP) mode. Players use both these tokens to earn profits while playing on Overlord.
For quite some time now, regular players have been complaining that they cannot withdraw their OVL tokens. The developers have disabled the withdrawal option on the game without any explanation whatsoever. Many users who have amassed significant amounts of OVL are left wondering if they will get their tokens back. In the meantime, the project is busy promoting its LORD token. However, the community does not have it any longer.
“This is such a wasteful efforts for the devs team with a really brilliant idea for the game. Unfortunately, seems like this team are all scammers. You cannot login and cannot claim your OVL and cannot swap OVL and LORD coins to other coins. I was loving your game. Such a waste,”
Overlord World(LORD) token faces more anger on Telegram
Outside of Twitter, Overlord’s Telegram channel told the same story. The project’s official group, with over 112,500 members, was full of angry users lashing at the developers.
The seemingly unsatisfied members of the Overlord community tried to get answers from each other, having failed to hear back from the game’s management. Some were confused about why they couldn’t withdraw their tokens, while others did not understand why their accumulated tokens had disappeared suddenly.
A few users have also taken the deafening silence to signify that the project is over for good.
“I think it’s time, to be honest, and communicate what the hell is your roadmap or plan with the project. If you guys are finished just say so. Some people have invested a lot and the game is great but seems to be the problem is not the game but the team running it,”
user Lorenzo Acosta hit out, tagging the admins of the group.
As usual, his frantic complaints remained unanswered.
To add salt to the wounds of impacted players, CoinMarketCap has stopped tracking the OVL token due to its low circulation. This has diminished the confidence of the once enthusiastic players even further. As a result, the project now has to rely on CoinGecko data to share with its hopeful user base.
However, despite Overlord keeping them in the dark about what is happening, determined users are fighting back. They hope to reclaim their hard-earned money from the game. Meanwhile, the new owners of the game are hiding behind excuses, claiming to be concentrated on developing the gaming experience.
While Overlord Game still has some loyal users who continue to stay with the game, that number is slowly dwindling. If the developers do not develop explanations soon, they will lose their base to the competition. After all, with the Metaverse catching everyone’s fancy, there is no shortage of similar games in the market.
Yerevan-based Editor and writer focusing on topics about cryptocurrencies, NFTs, politics, and international relations. Having completed his Bachelor's and Master's degrees from Delhi's Jawaharlal Nehru University, he currently works as a reporter at CoinChapter.
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