The post Ronaldinho-Themed Meme Coin Sparks Outcry—Developers Relinquish Ownership appeared on BitcoinEthereumNews.com.

Security concerns forced STAR10 developers to relinquish ownership after backlash over token burn risks. Insider trading allegations and lack of transparency further fueled skepticism about celebrity-backed meme coins. Brazilian football legend Ronaldinho Gaúcho has entered the cryptocurrency space with the launch of STAR10, a meme coin built on the BNB Chain. The token aims to offer fans exclusive challenges, rewards, and events, celebrating the football star’s legacy. However, Crypto News Flash recently reported that 97% of meme coins fail, with celebrity-linked tokens—such as those tied to Donald Trump and Andrew Tate—suffering significant losses. A serious security risk was identified in STAR10’s smart contract by GoPlus Security, which found that the contract owner could burn any holder’s tokens at will. Since ownership was not initially renounced, all tokens were at risk of being destroyed without warning. Ownership renounced already, no risk from smart contract level now ✅ pic.twitter.com/nDEUZyDVnG — GoPlus Security (@GoPlusSecurity) March 3, 2025 Security Concerns and Developer Response Shortly after STAR10’s launch, security firm GoPlus Security flagged a critical vulnerability in its smart contract, highlighting the potential centralized control over token holders’ assets. In response to public outcry, the development team renounced ownership of the smart contract, effectively relinquishing administrative control and mitigating the identified risks. Further concerns arose when blockchain data revealed that an address linked to the STAR10 team purchased 122 million tokens just before the public announcement. This transaction, worth 80 BNB (approximately $50,000), reportedly yielded a profit of $270,000, raising suspicions of insider trading and market manipulation. Community Reactions and Impact on Binance Coin (BNB) Price Reports have updated that the Binance co-founder Changpeng Zhao (CZ) publicly clarified that Binance has no commercial ties with Ronaldinho or STAR10. While the token was launched exclusively on the BNB Chain, CZ warned investors about the high volatility…

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Filed under: News - @ March 4, 2025 9:26 am