Blockchain
analytics
platform
Bubblemaps
has
levied
allegations
of
significant
insider
trading
activity
in
the
memecoin
projects
recently
promoted
by
Andrew
Tate
and
Iggy
Azalea.
Despite
the
evidence
of
wallets
purchasing
significant
amounts
of
the
tokens
during
and
before
their
respective
launches,
there
is
no
evidence
linking
them
to
Tate
or
Azalea.
The
allegations,
shared
through
tweet
threads,
have
drawn
considerable
attention
within
the
crypto
community.
Some
have
denounced
the
alleged
insider
trading,
while
others
have
said
there
is
no
such
thing
as
a
fair
launch
in
memecoins
and
such
occurrences
are
par
for
the
course.
Andrew
Tate
and
$DADDY
Coin
However,
Bubblemaps
alleged
in
a
June
12
thread
that
insiders
purchased
30%
of
the
$DADDY
coin
supply
at
launch,
accumulating
over
$45
million
across
21
wallets.
On
June
9,
a
transaction
transferred
40%
of
the
$DADDY
supply
to
Tate’s
wallet
before
he
began
promoting
the
coin
on
social
media.
Tate
publicly
stated
he
would
not
sell
any
tokens
and
continues
to
hold
them.
However,
on-chain
data
shows
that
several
wallets
purchased
roughly
20%
of
the
supply
before
the
project
was
announced.
According
to
Bubblemaps:
Bubblemaps
wrote:
“11
wallets,
funded
through
Binance
with
nearly
identical
amounts
at
the
same
time,
bought
20%
of
$DADDY
on
June
9th,
before
@DaddyTateCTO’s
first
tweet.”
These
wallets
now
hold
about
19%
of
the
total
supply,
valued
at
$30
million.
The
firm
added
that
any
significant
sale
from
these
wallets
could
impact
the
coin’s
liquidity.
The
firm
also
alleged
that
the
wallets
were
linked
and
potentially
belong
to
the
“same
group.”
Bubblemaps
wrote:
“Since
they
[the
wallets]
are
funded
through
Binance,
we
can’t
100%
confirm
they
belong
to
the
same
group.
However,
the
timing
and
amounts
strongly
suggest
they
do.”
Additionally,
two
other
clusters,
linked
through
a
specific
wallet,
bought
10%
of
the
supply
before
Tate’s
promotional
activities.
These
clusters
currently
hold
tokens
worth
$16
million.
Bubblemaps
said
that
Tate
has
not
sold
his
tokens,
but
the
40%
of
the
total
supply
he
holds
—
valued
at
$64
million
—
remains
unburned
and
could
affect
the
market
if
sold.
It
is
important
to
note
that
while
these
wallets
show
suspicious
activity,
there
is
no
concrete
evidence
directly
linking
the
addresses
to
Tate
or
his
associates.
These
findings
remain
allegations
based
on
transactional
patterns.
Tate
has
responded
to
the
allegations
on
social
media
and
reaffirmed
that
he
has
no
intention
to
sell
the
tokens
sent
to
him.
He
further
stated
that
he
would
only
burn
the
tokens,
writing:
“I
will
never
sell
what
was
sent
to
my
wallet,
I
will
only
burn
and
buy. Forever. Diamond
hands.”
Iggy
Azalea
and
$MOTHER
Coin
Bubblemaps
also
levied
allegations
of
insider
trading
in
the
$MOTHER
coin
at
the
end
of
May,
which
was
promoted
by
rapper
and
model
Iggy
Azalea.
According
to
the
firm,
insiders
allegedly
bought
20%
of
the
$MOTHER
supply
at
launch
and
have
since
sold
$2
million
worth
of
tokens.
The
investigation
identified
a
key
wallet,
which
purchased
109
trillion
$MOTHER
tokens
before
distributing
them
across
seven
wallets.
Most
of
these
tokens
have
been
sold,
realizing
a
profit
of
$1.4
million.
The
remaining
tokens
are
valued
at
roughly
$400,000
as
of
press
time.
Furthermore,
the
wallet
transferred
funds
to
other
profitable
wallets,
which
collectively
earned
about
$800,000
by
selling
roughly
8%
of
the
token’s
supply.
Similar
to
the
$DADDY
coin
case,
there
is
no
concrete
evidence
linking
these
addresses
directly
to
Azalea
or
her
associates.
These
findings
are
allegations
against
wallets
belonging
to
unknown
entities
based
on
the
observed
transactional
patterns.
Go to Source
Author: Assad Jafri
