UAE SCA seeks SEC probe into $WAP token for securities violations.
WAP promoted by Cardi B allegedly involved in a pump-and-dump scheme.
Investigators pinpoint KOLs, insiders in orchestrating price manipulation.
The UAE Securities and Commodities Authority (SCA) officially asked the U.S. Securities and Exchange Commission (SEC) to investigate the WAP cryptocurrency token promoted by Cardi B on the Solana blockchain, alleging potential securities violations.
The WAP token, heavily promoted by Cardi B on X (formerly Twitter), has been connected to an alleged pump-and-dump scheme potentially involving insiders. The SCA’s request follows a tip-off from Dubai-based venture capital firms and Emirati investors who raised concerns about rapid price manipulation. The token’s trading volume experienced a sharp surge and subsequent drop within a short period, suggesting coordinated fraud.
Dubai Venture Capital CEO Highlights Influencer Manipulation
A tweet by Syed Sameer, CEO of a Dubai-based venture capital firm, provided more details about the complaint, explaining how influencers, key opinion leaders (KOLs), and insiders might have manipulated WAP’s price for p…
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