The WAP crypto token introduced by Cardi B is linked to fraudulent origins.

A crypto wallet address shared by American A-list celebrity rapper Cardi B while promoting WAP tokens was traced to an experienced crypto fraudster.

On October 8, Cardi B's official X account shared a promotional post for WAP, a cat-themed memecoin and acronym for “wet ass.” Along with a video of WAP's mascot, an animated cat, Cardi B shared a wallet address, which was tipped off by crypt investigators.

An initial investigation by anonymous blockchain sleuth Waz found that Cardi B's wallet address was linked to several carpet dragging projects. Crypto investigation firm PeckShield suspects a crypto fraudster stole Cardi B's X account.

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Has Cardi B's pre-planned WAP memecoin launched?

However, Cardi B recently posted a few cat-related tweets, suggesting that the decision to reveal the WAP token was premeditated.

Wazz has dismissed speculation that PeckShield could be hacked. Blockchain Sleuth told PeckShield:

“She didn't bother, it was planned, lots of shill/carton/ex tweets. Also, you're looking at the wrong pool. He has 700 thousand talents.

Regardless of whether it is a scam or a legitimate project, members of the crypto community have noticed the proliferation of scams and scams related to celebrity tokens.

BubbleMaps, a blockchain data visualization platform, accounted for 60% of WAP's supply at launch. In addition, the project saw nearly $500,000 worth of tokens dumped within 10 hours of its launch.

Cardi B's project is suspected of pulling the carpet

According to Bubblemaps, 15 crypto addresses have already been funded by crypto exchange wallets. The same address also transferred their WAP holdings, spread across nearly 100 wallets. The organization added:

“In an attempt to hide from Bubblemaps, all wallets involved in the package transferred their tokens one by one to a new address 4 hours ago. Nice try.”

Fellow A-lister and rapper Iggy Azalea took a dig at the revelation of Cardi B's token promoting her own celebrity memecoin, Mother Iggy (mother).

Related: Famous memecoin promoter Sahil Arora banned by X

Some X users also suspected the return of Sahil Arora, the creator of several celebrity memecoins.

In August, crypto researcher ZackXBT speculated that Sahil had By 2024, it brought in a flood of celebrity memecoins, earning over $3 million.

Arora has been accused of running social engineering scams and other fraudulent activities by various people, including celebrities and crypto industry players.

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