Russian freestyle wrestler Khamzat Chimaev has found himself at the center of controversy as the affiliated token nosedives 94% amid accusations of insider activity.
Khamzat Chimaev, a Russian mixed martial artist and freestyle wrestle, faces fraud accusations after blockchain sleuth ZachXBT noticed that nearly 80% of the supply of Solana-based memecoin SMASH âpromoted by Chimaev â was purchased quietly by insiders associated with the SMASH team.
Khamzat your team is incompetent as you directly linked the team wallets with the insider wallets buying up 78%+ of the supply. Why do all of you instantly nuke your reputation with meme coin scams? Summary: Using timing analysis confirms 71% insider and dev team wallets is⊠pic.twitter.com/0mVYvAofYE
â ZachXBT (@zachxbt) July 4, 2024
In an X thread on Jul. 4, the blockchain analyst revealed that based on timing analysis over 70% of insider and the SMASH development team wallets were âdirectly linked as they were funded by same address on Ethereum.â As per ZachXBTâs data, the insidersâ wallets have been funded through centralized trading platforms such as Binance and SideShift.
âKhamzat your team is incompetent as you directly linked the team wallets with the insider wallets buying up 78%+ of the supply. Why do all of you instantly nuke your reputation with meme coin scams?â
ZachXBT
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Chimaev has been repeatedly promoting the SMASH token in multiple posts on X as well as on Telegram. As of press time, he made no public statements on the matter. Amid scam accusations, SMASM token plunged by over 90% and is now trading at $0.0003460, according to data from DEXScreener.
The Chechen-born fighter has a long history of shilling various digital assets via his social media. In April 2023, he announced on X that heâd become an ambassador for CAIZcoin, described as an âIslamic compliant cryptocurrencyâ with potential partners including CertiK, Fireblocks, Elliptic, and Ledger among others, as per the projectâs website.
In a commentary to crypto.news, a spokesperson for Elliptic said that it âdoes not have a partnership or any other affiliation with this [CAIZcoin] entity.â Crypto.news reached out to the other mentioned firms to confirm their partnership status with the project and will update the article if we hear back.
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