Josh O"Sullivan14 hours agoWaka Flocka Flame token launch faces insider trading allegationsAround 40% of the coin’s total supply was scooped up before Waka Flocka Flame announced the launch.1651 Total views27 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAmerican rapper Juaquin James Malphurs, better known as Waka Flocka Flame, launched his FLOCKA cryptocurrency on June 17. Almost immediately after its launch, insider trading allegations followed.
Suspicious transaction activity was raised involving a wallet that acquired roughly 40% of the coin’s supply and dispersed it to multiple wallets shortly after launch.Source: Waka Flocka Flame
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ZachXBT, a well-known blockchain investigator, highlighted the suspicious wallet activity in an X post shortly after FLOCKA launched.
He revealed that the wallet address had been used to swiftly distribute around 40% of the coin’s supply to various addresses, suggesting deliberate market manipulation.“Interesting how a fresh wallet funded via exchange sniped ~40% of the supply and dispersed to alt wallets.”
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Bubblemaps, an onchain visual analytical platform, also commented on the launch, citing “huge insider activity” after 40% of the supply was “sniped” before Flame’s announcement.
Speaking with Cointelegraph, Bubblemap CEO, Nicolas Vaiman criticized the trend of celebrities manifesting in the crypto space:“Many former celebrities are trying to get a second life by jumping into crypto. Most of the time, they show a clear lack of knowledge about crypto while also being very suspicious onchain.”
He noted that at 8:00 am Central European Time, one wallet held 40% of the supply, only to distribute that across 60 wallets just 30 minutes later. He added:“This is no accident.”
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ZachXBT noted Flame’s previous involvement in promoting dubious crypto projects and undisclosed paid promotions on Ethereum in 2021 and 2022.Source: ZachXBT
Flame disclosed on an X space that he had been “studying crypto since 2001,” despite the modern concept of cryptocurrencies not being created with Bitcoin in 2008.
One X user highlighted that Flame didn’t post the contract address for FLOCKA until the coin’s market cap hit “$5MM,” questioning whether crypto influencers “bark or ansem” were responsible.
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