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Insider Activity and Token Burns: Andrew Tate's Crypto Controversy
Last Updated: June 12, 2024
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Key Takeaways
- Andrew Tate burned over $10 million worth of Solana-based TOPG tokens;
- Tate announced support for the DADDY coin to challenge Iggy Azalea's MOTHER coin, planning to burn $100 million worth of DADDY tokens;
- Blockchain data platform Bubblemaps revealed suspicious insider activities in the DADDY token.
Andrew Tate, an influencer and former kickboxer who has recently been accused of human trafficking, announced on X that he had burned over $10 million worth of Solana-based TOPG tokens.
Tate received over 580 million TOPG tokens as a donation from an unnamed source.
He stated that his intention behind burning the tokens was to cause chaos in the crypto community, stating, "It's not about money. It's about sending a message."
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In a series of other posts with offensive commentary on X, Tate announced his support for a new coin called DADDY, attempting to challenge rapper Iggy Azalea's newly launched memecoin MOTHER. He mentioned his plan to burn all his DADDY tokens, aiming for a minimum of $100 million in value.
Blockchain data platform Bubblemaps highlighted suspicious insider activities surrounding the DADDY token. According to their report, insiders purchased 30% of the $DADDY supply at launch before Tate began promoting it on social media, and these insiders currently hold over $45 million worth of tokens.
Overall, Tate's recent actions and controversial statements have stirred turmoil and suspicion in the crypto community.
In other news, Elon Musk recently threatened to ban Apple devices in his companies if OpenAI's ChatGPT is integrated into iOS, citing security concerns.
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