Scam ties are being looked at in Cardi B’s WAP Memecoin launch

Cardi B, the famous rapper, recently promoted a memecoin called WAP. This has caused a lot of debate, and investigations have shown that it is linked to previous scams. Cardi B talked about the WAP token in a post on her official X account on October 8. The token is named after her hit song. The post had a wallet address that has been connected to scams that are known to happen.

As Wazz looked into the blockchain, he found that the wallet address in question was linked to a number of old rug pull projects. Crypto security company PeckShield sent out a warning after this news came out, saying that Cardi B’s account may have been hacked to push the WAP coin.

Even so, Cardi B had just written about cats, which made some people think that the reveal of the WAP token wasn’t an accident but rather part of a planned marketing campaign. Wazz agreed with this idea, saying that the start looked like it was planned and not the result of an account being hacked.

Reports from BubbleMaps, a blockchain data display tool, make people even more worried about the WAP token’s reliability. They said that around 60% of the WAP supply was locked at start and that tokens worth about $500,000 were quickly sold off. BubbleMaps also pointed out fishy behavior by saying that many wallets connected to the token had quickly moved their funds to different addresses to hide their tracks.

Aside from Cardi B, other famous people have also commented on the WAP token debate. For example, rapper Iggy Azalea poked fun at Cardi B’s project while pushing her own memecoin, Mother Iggy. Some X users also think that Sahil Arora, who is known for starting a number of famous memecoins, might be involved in this case because he has a history of scams.

As the crypto community deals with this new development, it serves as a stark warning of the risks that come with coin projects backed by famous people.