Andrew Tate and Iggy Azalea Accused of Insider Trading in Meme Coin Promotions

Blockchain analytics platform Bubblemaps has alleged insider trading activity in meme currency projects promoted by Andrew Tate and Iggy Azalea.

The allegations, detailed in a thread dated June 12, revealed that when the DADDY coin was launched, insiders allegedly took 30% of the token's supply, amounting to more than $45 million spread across 21 wallets.

DADDY INSIDE TRADING ALLEGATIONS

On June 9, a transaction transferred 40% of DADDY’s supply to Andrew Tate’s wallet shortly before he began promoting the coin on his social media platforms.

On-chain data from Bubblemaps reveals that 11 wallets, funded through Binance with almost identical amounts simultaneously, bought 20% of DADDY on June 9, before the project was officially announced. These portfolios now collectively hold approximately 19% of the total supply, worth $30 million.

3/ Andrew Tate stuck to his word and did not sell any coins.

But here lies the problem:

11 wallets, funded through Binance with roughly similar amounts at the same time, bought 20% of $daddy On June 9 before that @DaddyTateCTOFirst tweet. pic.twitter.com/OGNXBmqvVb

– Bubble Maps (@bubblemaps) June 12, 2024

The company suggested that the linked wallets likely belong to the same group, though it admitted, “Since they (the wallets) are funded through Binance, we cannot be 100% certain that they belong to the same group. However, the timing and amounts strongly suggest Until they do that.”

Bubblemaps also revealed two additional pools, linked via a specific wallet, accounted for 10% of the exposure, worth $16 million, before Tate began his promotional efforts.

7/ Additionally, Andrew Tate has not burned through his 40%, which means he can start selling at any moment.

He is currently worth $64 million.

You can check this type of launch on https://t.co/knB3DehRor

– Bubble Maps (@bubblemaps) June 12, 2024

The company warned that any sales of unburned sets and Tate tokens, which make up 40% of the total supply, could impact the liquidity of the coin.

Tate He responded To confirm the accusations: “I will never sell what was sent to my wallet, I will only burn and buy.” Forever. Diamond hands.”

According to DEXScreener, Daddy Tate (DADDY) has seen its market capitalization rise, reaching $259 million, and is currently… commerce At $0.25, that's a triple-digit increase in the last 24 hours.

Allegations of insider trading by the mother

Bubblemaps has also previously implicated Iggy Azalea in similar activities related to the MOTHER coin. The company claimed that insiders bought 20% of MOTHER's supply at launch and subsequently sold $2 million worth of tokens.

We've found huge insider activity $ mother 🚨

Insiders bought 20% of the supply at launch, ahead of Egy Remove (@IGGYAZALEA) made the announcement, and actually cleared $2 million.

Thread 🧵 ↓ pic.twitter.com/tQFHt1yZfO

– Bubble Maps (@bubblemaps) May 29, 2024

Their investigation focused on a wallet that purchased 109 trillion MOTHER tokens before distributing them to seven other tokens. Most of that money was sold, resulting in a profit of $1.4 million, and the rest is worth about $400,000 as of last update. This wallet also transferred funds to other wallets that collectively earned about $800,000 by selling about 8% of the token supply.

The market cap of the Mother Iggy (MOTHER) token has fallen from its peak of $267.58 million on June 6 to around $158 million. Its price is the same Projection From a high of $0.27 to the current trading price of $0.148, a decline of 6.45% in the past 24 hours.

At the same time, these allegations have sparked controversy within the cryptocurrency community. some It is considered The accident is an example of a “good start from within” and others Argues That “there is no such thing as a fair launch of meme coins,” meaning that such events are normal.