The post UFC star Khamzat Chimaev caught in crypto scam appeared on BitcoinEthereumNews.com.

After releasing his own cryptocurrency called ‘Smash,’ Russian professional mixed martial artist (MMA) and freestyle wrestler Khamzat Chimaev became the target of the UFC and crypto communities’ ridicule, and one online security researcher has found evidence that points to a possible scam. Indeed, the UFC fighter has recently asked his followers what they thought was the best crypto asset to invest in, shortly after which he announced the release of his own crypto named ‘Smash,’ and pseudonymous scam investigator ZachXBT has revealed insider trading, detailing it in an X post on July 4. As it happens, the researcher accused Chimaev and his team of incompetence in a comment to the wrestler’s X post that includes the token’s address, telling them they “directly linked the team wallets with the insider wallets buying up 78% of the supply” and asking why “all of you instantly nuke your reputation with meme coin scams?” How the crypto scam unfolded Then, ZachXBT proceeded to lay out the summary of the alleged scam, stating that the timing analysis confirmed that “71% insider and dev team wallets is directly linked” as the same address on Ethereum (ETH) was funding them, posting the address ‘0x8ae40d1e89cd7333efe42a35969f0b8548fe54a8’ on Solana (SOL) as an example. As he further revealed, the scam went like this: Details of alleged crypto scam. Source: ZachXBT Furthermore, the investigator listed the 24 addresses that bought up 712 million SMASH “or 71.2% of entire supply,” after which they each dispersed this amount to more addresses, at which point he stopped tracking the said supply and he also posted the visual representation of the scheme. Visual representation of alleged scam. Source: ZachXBT At the same time, ZachXBT posted a screenshot of SMASH/SOL price chart in a different comment to the same post on the social media platform, demonstrating a…

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Filed under: News - @ July 4, 2024 4:16 pm