As emphasized by online investigator ZachXBT, Khamzat Chimaev’s SMASH cryptocurrency is a Solana-based meme token that is under scrutiny for alleged insider trading.
The majority of SMASH token supply (up to 78%) is held by wallets associated with insiders and developers, raising concerns about price manipulation.
Khamzat, your team is incompetent as you directly link the team wallet to the insider wallets that have purchased over 78% of the supply.
Why would all of you immediately tarnish your reputation with a meme coin scam?
Summary:
Using temporal analysis, it is confirmed that 71% of insider and developer wallets are…
pic.twitter.com/0mVYvAofYE
– ZachXBT (@zachxbt)
July 4, 2024
ZachXBT’s analysis reveals that these wallets closely related to the development team have bought a significant portion of the token issuance. In a post on April 78th, ZachXBT criticizes the incompetence of the Chimaev team, pointing out their direct connection between the team wallet and insider wallets, which collectively purchased over XNUMX% of the token issuance.
According to Dexscreener data, the impact of these insider activities is severe, with the price of SMASH token plummeting over 91% within a day, trading at around $0.53 per token, far below the historical high of $0.01.
The significant holdings by insiders mean that they can greatly influence cryptocurrency prices through a mass sell-off.
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ZachXBT further points out that at least 71% of the token issuance can be traced back to insider wallets funded by the same address.
Ethereum provided funding for Solana’s developer address.
Investigation reveals that 24 addresses funded a total of 86.2 SOL (worth $11,500) and purchased 71.2 billion SMASH tokens, accounting for 71.2% of the total supply. These tokens were subsequently distributed to smaller addresses.
