Cardi B’s introduction of WAP memecoin stirs when cryptocurrency detectives connect the wallet address to previous frauds and rug pull initiatives.
Rapper Cardi B, an A-list star from America, disclosed her cryptocurrency wallet address while endorsing WAP tokens, and it has been linked to an experienced cryptocurrency scammer.
Cardi B’s official X account released a promotional post on October 8th for WAP, a memecoin with a cat motif and an acronym for “Wet Ass Pussy.” She posted a wallet address that cryptocurrency investigators had detected and a video of the cartoon cat that serves as WAP’s mascot.
Unknown blockchain investigator Upon preliminary inquiry, Wazz discovered that Cardi B’s wallet address was connected to other rug pull initiatives.
The crypto-investigation firm PeckShield believed that a cryptocurrency scammer had compromised Cardi B’s X account.
Did Cardi B foresee the introduction of WAP memecoin?
However, Cardi B tweeted a few times about cats, implying that the choice to disclose the WAP token was prearranged.
Wazz also disregarded Peckshield’s conjecture of a potential account hack. The blockchain investigator informed Peckshield:
“She’s not compromised, it was planned, multiple shills/cartoon/prev tweets. Also, you’re viewing the wrong pool. It has 700K liq.”
Crypto community members have observed the frequency of scams and rug pulls connected to celebrity tokens, regardless of whether it is a genuine project or a fraud.
A blockchain data visualization application called BubbleMaps discovered that 60% of the WAP supply was bundled at launch. Furthermore, it mentioned that about $500,000 worth of tokens had already been dumped within ten hours of the project’s introduction.
Cardi B project may have pulled a rug.
Fifteen cryptocurrency addresses were previously financed by a cryptocurrency exchange wallet, according to Bubblemaps. The WAP assets of the same address were moved and dispersed throughout about 100 wallets. The company continued:
“In an attempt to hide from Bubblemaps, all wallets involved in the bundling transferred their tokens one-to-one to brand-new addresses 4 hours ago. Good try.”
Cardi B’s token announcement was mocked by artist and fellow A-lister Iggy Azalea, who promotes Mother Iggy (MOTHER), her take on a celebrity memecoin.
A few X users also speculated that Sahil Arora, the genius behind introducing multiple celebrity memecoins, was coming back.
Crypto investigator ZachXBT calculated in August that Sahil would make over $3 million in 2024 from introducing many celebrity memecoins.
Numerous individuals, including celebrities and prominent figures in the cryptocurrency business, have accused Arora of engaging in social engineering scams and other fraudulent activities.
