Russian MMA fighter Khamzat Chimaev faces scam claims as token dives 94%

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As a researcher, I find the situation surrounding Khamzat Chimaev and the SMASH token alarming. The accusations of insider activity and potential fraud are serious and should not be taken lightly, especially in the context of cryptocurrency markets where trust is paramount.

Russian freestyle wrestler Khamzat Chimaev is facing controversy following a significant drop – nearly 95% – in the value of tokens associated with him, sparking allegations of suspicious trading activities.

As a crypto investor, I’ve come across some troubling news regarding Khamzat Chimaev, a popular Russian mixed martial artist and freestyle wrestler. It appears that he may be facing accusations of fraud in the cryptocurrency world. Specifically, ZachXBT, a well-known blockchain sleuth, has discovered that over 80% of the supply of Solana-based memecoin SMASH – which Chimaev promotes – was quietly purchased by insiders connected to the SMASH team. This revelation has raised concerns about potential manipulation and insider trading in the coin’s market. As an investor, it is crucial for me to stay informed about such developments and exercise caution when investing in projects with questionable practices.

As an analyst, I’ve conducted a thorough investigation into the recent transactions within the meme coin market. My findings suggest that over 71% of the total supply has been acquired by wallets associated with the development team and insiders. This revelation raises concerns about potential conflicts of interest or manipulative practices that could negatively impact unsuspecting investors. It’s crucial for teams to maintain transparency and avoid actions that may harm their reputation, especially in a market already prone to scams.

— ZachXBT (@zachxbt) July 4, 2024

I came across an intriguing discovery in a thread on July 4th in the crypto community, where a blockchain analyst shared their findings based on timing analysis. They revealed that over 70% of insider wallets and those belonging to the SMASH development team were interconnected, as they had been funded from the same Ethereum address. According to ZachXBT’s data, these insiders had obtained funds for their wallets through centralized trading platforms like Binance and SideShift.

“Khamzat, it appears that your team has acted imprudently by connecting the team wallets to those of insiders buying over 78% of the token supply. Why would you both tarnish your reputation in such a dramatic fashion through association with meme coin scams?”

ZachXBT

I’ve noticed that Chimaev has been actively advocating for the SMASH token across various platforms, including X and Telegram. However, as of now, he hasn’t made any official comments regarding this particular topic. Amidst allegations of potential scam activities, the value of SMASH has taken a significant hit, plummeting by more than 90%. At present, it is trading at a price of $0.0003460 as indicated by DEXScreener’s data.

The Chechen-born combatant has a significant background in promoting diverse digital currencies through his social media channels. In April 2023, he publicly declared on platform X that he had joined CAIZcoin’s team as an ambassador. CAIZcoin is characterized as a “compliant cryptocurrency” adhering to Islamic principles, according to the project’s official website. Notable collaborators mentioned include CertiK, Fireblocks, Elliptic, and Ledger.

“I, as an representative of Elliptic, want to clarify that our company does not have any partnership or affiliation whatsoever with CAIZcoin.” Regarding the other mentioned firms, Crypto.news has reached out to them to confirm their involvement with the project and will provide updates once we receive responses.

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2024-07-04 14:58