UFC Star Khamzat Chimaev Involved in Cryptocurrency Scam
In a surprising turn of events, Khamzat Chimaev, the Russian MMA fighter and freestyle wrestler, has found himself at the center of controversy following the launch of his cryptocurrency, ‘Smash.’ The UFC and cryptocurrency enthusiasts have cast a skeptical eye on Chimaev’s venture, with allegations of fraud surfacing from an online security expert.
Chimaev, who had previously inquired with his social media followers about the most promising cryptocurrency investments, soon after unveiled ‘Smash.’ This announcement was quickly followed by revelations from the anonymous fraud investigator ZachXBT, who exposed potential insider trading in a post dated July 4.
The accusation leveled at Chimaev and his associates was one of gross negligence. In a response to the fighter’s post, which included the digital wallet address for the token, the researcher criticized the team for apparently connecting their official wallets to private ones that had acquired a staggering 78% of the token’s total supply. The question posed was blunt: why risk tarnishing one’s reputation over dubious cryptocurrency schemes?
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**The Unraveling of the Alleged Scam:**
ZachXBT then outlined the suspected fraudulent scheme, noting that a timing analysis had linked 71% of the insider and development team wallets directly to a single Ethereum (ETH) address, which was seemingly responsible for funding them. The address in question, ‘0x8ae40d1e89cd7333efe42a35969f0b8548fe54a8’ on the Solana (SOL) network, was cited as evidence.
The investigator disclosed that 24 wallets had collectively purchased 712 million SMASH tokens, amounting to 71.2% of the total supply. These wallets then distributed the tokens to an array of other addresses, at which point the tracking of these funds ceased. Additionally, visual documentation of the alleged scam was provided.
Simultaneously, ZachXBT shared a snapshot of the SMASH/SOL price chart, which showed a dramatic 18.81% drop within an hour, plummeting from nearly 0.02 SOL to a mere 0.0003513 SOL. The token’s current trading price stands at 0.00048 SOL.
**The Prevalence of Celebrity-Endorsed Cryptocurrency Scams:**
Regrettably, the cryptocurrency world is no stranger to scams, and even high-profile figures like Chimaev are susceptible, whether they engage intentionally or not. This was highlighted by American podcast host Joe Rogan and renowned scam analyst Stephen Findeisen, also known as Coffeezilla, in March 2023.
They pointed out that several celebrities had endorsed the now-defunct cryptocurrency exchange FTX and also discussed the accusations against American media figure and wrestler Logan Paul, who allegedly defrauded investors through his Cryptozoo project, as reported by Finbold.
**Disclaimer:**
The information provided here is not to be construed as financial advice. Investment decisions are inherently speculative, and there is always the potential for loss. Please exercise caution and consider your financial position before investing.