Originally published on: October 08, 2024
Cardi B’s recent promotion of the WAP crypto token has raised eyebrows in the crypto community due to its shady origins. The wallet address shared by the rapper has been connected to a seasoned crypto scammer, sparking concerns among investors.
Initially flagged by blockchain sleuth Wazz, Cardi B’s wallet address was found to have ties to various rug pull projects, raising suspicions of a possible hack. However, recent tweets by Cardi B hint at a pre-planned reveal of the WAP token, dismissing claims of a compromised account.
Despite the controversy, BubbleMaps uncovered alarming statistics about the WAP token, revealing that 60% of the token supply was concentrated at launch. Additionally, over $500,000 worth of tokens were dumped within hours of the project’s release, indicating potential manipulation.
Fellow rapper Iggy Azalea also weighed in on the situation, taking a swipe at Cardi B’s token promotion. The crypto community remains wary of celebrity-endorsed tokens, with past instances of scams and rug pulls causing skepticism among investors.
While suspicions of a scam loom over the WAP token, questions arise about the involvement of infamous crypto figure Sahil Arora, known for launching celebrity memecoins. With a history of social engineering scams, Arora’s shadow looms over the crypto landscape, leaving investors on edge.
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