{"id":83442,"date":"2024-07-04T09:46:45","date_gmt":"2024-07-04T13:46:45","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=83442"},"modified":"2024-07-04T09:46:48","modified_gmt":"2024-07-04T13:46:48","slug":"khamzat-chimaevs-smash-token-faces-insider-trading-allegations","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/khamzat-chimaevs-smash-token-faces-insider-trading-allegations\/","title":{"rendered":"Khamzat Chimaev\u2019s Smash Token Faces Insider Trading Allegations"},"content":{"rendered":"\n

Insiders and developer accounts hold most of Khamzat Chimaev's Smash (SMASH) crypto token, which raises concerns about insider trading<\/a> for the celebrity memecoin.<\/p>\n\n\n\n

\"Khamzat
Khamzat Chimaev\u2019s Smash Token Faces Insider Trading Allegations <\/figcaption><\/figure>\n\n\n\n

Chimaev, a prominent mixed martial artist and UFC contender, has initiated Smash, a memecoin. It is headquartered in Solana.<\/p>\n\n\n\n

According to an analysis conducted by the well-known onchain investigator, the purchase of up to 78% of the Smash token supply by insider and developer-related wallets raised concerns regarding price manipulation. ZachXBT stated in a July 4 X post:<\/p>\n\n\n\n

\n

\u201cKhamzat your team is incompetent as you directly linked the team wallets with the insider wallets buying up 78%+ of the supply. Why do all of you instantly nuke your reputation with meme coin scams<\/a>?\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Dexscreener data indicates that the Smash token experienced a 91% decline in value over the past day, trading at just over 0.004 Solana, or $0.53 per token, a significant decrease from its all-time high of 0.01 SOL.<\/p>\n\n\n\n

\"SMASH\/SOL,
SMASH\/SOL, 1-day chart. Source: Dexscreener<\/em><\/figcaption><\/figure>\n\n\n\n

By market selling a significant portion of their token holdings, insiders with substantial token holdings can single-handedly devalue a cryptocurrency.<\/p>\n\n\n\n

Khamzat\u2019s team holds about 78% of the total supply<\/h2>\n\n\n\n

ZachXBT's analysis indicates that at least 71% of the supply can be explicitly traced back to insider wallets funded by the same Ethereum address that funded the Smash token's developer address on Solana.<\/p>\n\n\n\n

The on-chain investigator composed the following:<\/p>\n\n\n\n

\u201cUsing timing analysis confirms 71% insider and dev team wallets is directly linked as they were funded by same address on Ethereum.\u201d<\/em><\/p>\n\n\n\n

We financed the 24 addresses with a total of 86.2 SOL tokens, which is equivalent to $11,500. According to ZachXBT, these same addresses have acquired 712 million Smash tokens\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, which accounts for 71.2% of the total supply.<\/p>\n\n\n\n

The analyst's chart below illustrates that the 24 addresses have distributed 71% of the supply among lesser addresses after purchasing it.<\/p>\n\n\n\n

\"SMASH
SMASH distribution. Source: ZachXBT<\/em><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Insiders and developer accounts hold most of Khamzat Chimaev’s Smash (SMASH) crypto token, which raises concerns about insider trading for the celebrity memecoin. Chimaev, a prominent mixed martial artist and UFC contender, has initiated Smash, a memecoin. It is headquartered in Solana. According to an analysis conducted by the well-known onchain investigator, the purchase of […]<\/p>\n","protected":false},"author":12,"featured_media":83453,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81],"tags":[10377,20374,20375],"class_list":["post-83442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news","tag-insider-trading","tag-khamzat-chimaev","tag-smash-token"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/image-26.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83442","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=83442"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83442\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/83453"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=83442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=83442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=83442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}