UFC Sensation Khamzat Chimaev Embroiled in Cryptocurrency Scam
Russian professional mixed martial artist and freestyle wrestler Khamzat Chimaev recently launched his own cryptocurrency called ‘Smash,’ which drew ridicule from both the UFC and crypto communities. An online security researcher named ZachXBT has uncovered evidence suggesting that the newly released cryptocurrency may be a scam.
Chimaev, in a questionable move, had asked his followers for their thoughts on the best cryptocurrency to invest in. Shortly after this, he announced the launch of ‘Smash.’ ZachXBT has accused Chimaev and his team of insider trading, claiming that they had purchased 78% of the token’s supply, linking their wallets directly to those of the insider wallets.
The alleged scam unfolded with ZachXBT providing a detailed summary of the situation. He revealed that 71% of the insider and dev team wallets were directly linked to the same address on Ethereum (ETH). He also identified 24 addresses that had bought up 712 million SMASH, which equated to 71.2% of the entire supply. Each of these addresses then dispersed this amount to other addresses.
In addition, ZachXBT posted a screenshot of the SMASH/SOL price chart, showing a significant decline in value within a single hour. The token is currently trading at a price of 0.00048 SOL.
Unfortunately, celebrity-backed crypto scams are not uncommon. Notable personalities like American podcast host Joe Rogan and scam investigator Coffeezilla have previously highlighted the risks associated with such ventures. This includes allegations against wrestler Logan Paul for his involvement in the now-collapsed crypto exchange FTX and his crypto project Cryptozoo.
It’s important to note that the information provided in this article should not be considered investment advice. Investing in cryptocurrencies carries inherent risks, and individuals should proceed with caution.
