Waka Flocka Flame token startup faces insider trading allegations.
American rapper Joaquin James Malphers, better known as Waka Flocka Flame, launched his FLOCKA cryptocurrency on June 17. Allegations of insider trading immediately followed after its launch.
Suspicious transaction activity arose which resulted in 40% of the coin being distributed to different wallets shortly after the operation.
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Suspected internal movement
Noted blockchain researcher ZachXBT highlighted a suspicious wallet in XPost shortly after FLOCKA launched.
The wallet address revealed that 40% of the coin's supply was used to quickly distribute it to different addresses.
“Interesting how a new coin-backed wallet saw ~40% of its supply mined and dispersed to alt wallets.”
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Celeb coin conga line
Bubblemaps, an onchain visual analytics platform, also commented on the startup citing “huge internal activity” after 40% of its offerings were “torn”.
Speaking to Cointelegraph, Bubblemap CEO Nicolas Wyman criticized the celebrity trend in the crypto space.
“Many former celebrities are trying to find a second life by jumping into crypto. They often show a clear lack of knowledge about crypto and are very skeptical of OnChain.
They noted that at 8:00 a.m. CET, one wallet accounted for 40% of the wallet, and 30 minutes later it was distributed among 60 wallets. He added:
“This is no accident.”
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The questionable history of the flame
ZachXBT noted Flame's previous involvement in promoting dubious crypto projects and undisclosed paid promotions on Ethereum in 2021 and 2022.
In the year Although cryptocurrencies were not a modern concept created by Bitcoin in 2008, Nelabal explained to XSpace that he had been “studying crypto since 2001.”
One X user pointed out that Flam didn't post the contract address of Floccean until the coin's market cap reached “$5MM”.
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