3 months ago
Bubblemaps, a blockchain analytics platform, precocious reported allegations of important insider trading enactment successful the memecoin projects precocious promoted by Andrew Tate and Iggy Azalea.
The allegations, shared done tweet threads, person drawn sizeable attraction wrong the crypto community. Some person denounced the alleged insider trading, portion others person said determination is nary specified happening arsenic a just motorboat successful memecoins and specified occurrences are par for the course.
Despite the grounds of wallets purchasing important amounts of the tokens during and earlier their respective launches, determination is nary factual grounds linking them to Tate oregon Azalea.
Andrew Tate and $DADDY Coin
However, Bubblemaps alleged successful a June 12 thread that insiders purchased 30% of the $DADDY coin proviso astatine launch, accumulating implicit $45 cardinal crossed 21 wallets.
On June 9, a transaction transferred 40% of the $DADDY proviso to Tate’s wallet earlier helium began promoting the coin connected societal media. Tate publically stated helium would not merchantability immoderate tokens and continues to clasp them.
However, on-chain information shows that respective wallets purchased astir 20% of the proviso earlier the task was announced. According to Bubblemaps:
Bubblemaps wrote:
“11 wallets, funded done Binance with astir identical amounts astatine the aforesaid time, bought 20% of $DADDY connected June 9th, earlier @DaddyTateCTO’s archetypal tweet.”
These wallets present clasp astir 19% of the full supply, valued astatine $30 million. The steadfast added that immoderate important merchantability from these wallets could interaction the coin’s liquidity.
The steadfast besides alleged that the wallets were linked and perchance beryllium to the “same group.” Bubblemaps wrote:
“Since they [the wallets] are funded done Binance, we can’t 100% corroborate they beryllium to the aforesaid group. However, the timing and amounts powerfully suggest they do.”
Additionally, 2 different clusters, linked done a circumstantial wallet, bought 10% of the proviso earlier Tate’s promotional activities. These clusters presently clasp tokens worthy $16 million.
Bubblemaps said that Tate has not sold his tokens, but the 40% of the full proviso helium holds — valued astatine $64 cardinal — remains unburned and could impact the marketplace if sold.
It is important to enactment that portion these wallets amusement suspicious activity, determination is nary factual grounds straight linking the addresses to Tate oregon his associates. These findings stay allegations based connected transactional patterns.
Tate has responded to the allegations connected societal media and reaffirmed that helium has nary volition to merchantability the tokens sent to him. He further stated that helium would lone “burn and buy.”
Iggy Azalea and $MOTHER Coin
Bubblemaps besides uncovered allegations of insider trading successful the $MOTHER coin astatine the extremity of May, which was promoted by rapper and exemplary Iggy Azalea.
According to the firm, insiders allegedly bought 20% of the $MOTHER proviso astatine motorboat and person since sold $2 cardinal worthy of tokens.
The probe identified a cardinal wallet, which purchased 109 trillion $MOTHER tokens earlier distributing them crossed 7 wallets. Most of these tokens person been sold, realizing a nett of $1.4 million. The remaining tokens are valued astatine astir $400,000 arsenic of property time.
Furthermore, the wallet transferred funds to different profitable wallets, which collectively earned astir $800,000 by selling astir 8% of the token’s supply.
Similar to the $DADDY coin case, determination is nary factual grounds linking these addresses straight to Azalea oregon her associates. These findings are allegations against wallets belonging to chartless entities based connected the observed transactional patterns.
The station Bubblemaps alleges insider trading successful memecoins promoted by Andrew Tate, Iggy Azalea appeared archetypal connected CryptoSlate.
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