World-renowned American rapper Cardi B is in the spotlight for allegedly promoting a fraudulent meme coin called “WAP.” An investigation revealed that the crypto wallet address shared by Cardi B in her post may belong to a known crypto scammer. The post, shared on Cardi B’s official X (Twitter) account on October 8, included a video promoting the WAP token and a wallet address, which quickly caught the attention of crypto researchers.
The Rise of WAP Meme Coin and Initial Developments
WAP, a cat-themed meme coin, launched with a buzz. However, it was soon discovered that the wallet address shared by Cardi B had ties to multiple rug pull projects, a type of scam that leaves investors with nothing. PeckShield, a blockchain security firm, suggested that Cardi B’s account might have been hacked by a crypto scammer.
Meowwwwwww new family member… guess her name 🐈⬛ pic.twitter.com/8dmtP0Ipxa
— Cardi B (@iamcardib) October 7, 2024
On the other hand, Wazz, a blockchain detective, speculated that Cardi B might have planned the promotion in advance. He pointed out that her recent cat-themed tweets hinted at a premeditated promotion of the token. “Her account wasn’t hacked—this was a planned move. There are several promotional posts and previous tweets,” Wazz explained.
Crypto Community’s Reaction
The crypto community is on high alert, with many pointing out that scams around celebrity-endorsed tokens are increasingly common. BubbleMaps, a blockchain data visualization platform, discovered that 60% of WAP’s supply was concentrated at launch. It also noted that around $500,000 worth of tokens had been released within just 10 hours of the launch.
60% of the supply bundled at launch
already dumped $500k
her name is $WAP https://t.co/Ib6gkW2bHn pic.twitter.com/iAzfuaWaw1
— Bubblemaps (@bubblemaps) October 8, 2024
Advertisement Banner
These revelations sparked concerns among investors. BubbleMaps revealed that 15 crypto addresses had previously been funded by an exchange wallet. This same address transferred WAP holdings to roughly 100 wallets. “In an attempt to avoid BubbleMaps detection, all tokens were transferred to new addresses one by one. A good effort,” the firm commented.
Iggy Azalea’s Criticism
Another well-known rapper, Iggy Azalea, weighed in on the controversy, criticizing Cardi B’s promotion while promoting her own meme coin, Mother Iggy. Azalea’s remarks further fueled doubts surrounding the legitimacy of WAP token.
Lmfao if yall fall for this scam then I can’t help you 😂
Only $MOTHER provides.
— IGGY AZALEA (@IGGYAZALEA) October 7, 2024
Amid rising concerns about fraud in the crypto world, many users are warning that scammers backing celebrity tokens may be making a comeback. In particular, Sahil Arora, a notorious figure in the crypto space, is alleged to have played a role in several meme coin launches. Blockchain researcher ZachXBT estimated that Arora had made over $3 million in 2024 through various scams. Arora has been accused by multiple celebrities and crypto insiders of social engineering fraud and other schemes.
1/ An investigation into Sahil, featuring unseen footage, who made $30M in 2024 by launching tokens for celebrities—most of which dumped to zero
↓ 🧵 pic.twitter.com/iSo1kFTSdO
— Bubblemaps (@bubblemaps) August 14, 2024
For more in-depth insights and analysis on cryptocurrency, visit The Bit Journal.
- https://twitter.com/Thebitjournal_
- https://www.linkedin.com/company/the-bit-journal/
- https://t.me/thebitjournal
Follow us on Twitter and LinkedIn and join our Telegram channel to be instantly informed about breaking news!
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
