American rapper Juaquin James Malphurs, better known as Waka Flocka Flame, launched his FLOCKA cryptocurrency on June 17. Almost immediately after its launch, insider trading allegations followed.
Suspicious transaction activity was raised involving a wallet that acquired roughly 40% of the coin’s supply and dispersed it to multiple wallets shortly after launch. American rapper Juaquin James Malphurs, better known as Waka Flocka Flame, launched his FLOCKA cryptocurrency on June 17. Almost immediately after its launch, insider trading allegations followed.
Suspicious transaction activity was raised involving a wallet that acquired roughly 40% of the coin’s supply and dispersed it to multiple wallets shortly after launch. “Interesting how a fresh wallet funded via exchange sniped ~40% of the supply and dispersed to alt wallets.”
Bubblemaps, an onchain visual analytical platform, also commented on the launch, citing “huge insider activity” after 40% of the supply was “sniped” before Flame’s announcement.
Speaking with Cointelegraph, Bubblemap CEO, Nicolas Vaiman criticized the trend of celebrities manifesting in the crypto space: “Many former celebrities are trying to get a second life by jumping into crypto. Most of the time, they show a clear lack of knowledge about crypto while also being very suspicious onchain.”
He noted that at 8:00 am Central European Time, one wallet held 40% of the supply, only to distribute that across 60 wallets just 30 minutes later. He added:“This is no accident.”
