Renowned American rapper Juaquin James Malphurs, more commonly known as Waka Flocka Flame, introduced his FLOCKA cryptocurrency on June 17th. However, shortly after its release, accusations of insider trading emerged.
Concerns were raised regarding suspicious transactional behavior involving a wallet that acquired nearly 40% of the coin’s total supply and then distributed it to multiple wallets right after the launch.
Blockchain investigator ZachXBT was quick to point out the questionable activity of the wallet in a post following the launch of FLOCKA. He revealed that the wallet address had rapidly distributed approximately 40% of the coin’s supply to various addresses, indicating potential market manipulation.
Bubblemaps, an onchain visual analytical platform, also commented on the launch, highlighting significant insider activity where a large portion of the supply was acquired before Flame’s announcement.
Bubblemap CEO, Nicolas Vaiman, expressed his disapproval of celebrities entering the crypto space, citing the rapid distribution of the coin’s supply to multiple wallets shortly after the launch.
ZachXBT also mentioned Flame’s past involvement in promoting questionable crypto projects and undisclosed paid promotions in the cryptocurrency space.
Flame claimed to have been studying crypto since 2001, despite the fact that cryptocurrencies like Bitcoin were not created until 2008. Additionally, there were questions raised about Flame’s transparency in posting the contract address for FLOCKA only after the coin’s market cap reached $5 million.
In other news, Elon Musk pledges to ban Apple, Greenpeace advocates for Bitcoin’s Proof of Stake, and more in this week’s Hodler’s Digest from June 9th to June 15th.