Arora

2024

ZachXBT

Coin

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.
<h2 id="the-rise-of-wap-meme-coin-and-initial-developments">The Rise of WAP Meme Coin and Initial Developments</h2>
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.
<blockquote class="twitter-tweet">
 Meowwwwwww new family member… guess her name <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f408-200d-2b1b.png" alt="🐈‍⬛" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/8dmtP0Ipxa" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/8dmtP0Ipxa</a>
 — Cardi B (@iamcardib) <a href="https://twitter.com/iamcardib/status/1843358861920756184?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">October 7, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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.
<h2 id="crypto-community-s-reaction">Crypto Community’s Reaction</h2>
The crypto community is on high alert, with many pointing out that scams around celebrity-endorsed tokens are increasingly common. BubbleMaps, a <a href="https://thebitjournal.com/vaneck-picks-solana-aptos-and-sui-monolithic-blockchains-shine-in-september/" target="_blank" rel="noopener noreferrer nofollow">blockchain</a> 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.
<blockquote class="twitter-tweet">
 60% of the supply bundled at launch
 already dumped $500k
 her name is <a href="https://twitter.com/search?q=%24WAP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$WAP</a> <a href="https://t.co/Ib6gkW2bHn" rel="noopener noreferrer nofollow" target="_blank">https://t.co/Ib6gkW2bHn</a> <a href="https://t.co/iAzfuaWaw1" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/iAzfuaWaw1</a>
 — Bubblemaps (@bubblemaps) <a href="https://twitter.com/bubblemaps/status/1843578164297248849?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">October 8, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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.
<h2 id="iggy-azalea-s-criticism">Iggy Azalea’s Criticism</h2>
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.
<blockquote class="twitter-tweet">
 Lmfao if yall fall for this scam then I can’t help you <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f602.png" alt="😂" class="wp-smiley" style="height: 1em; max-height: 1em;">
 Only <a href="https://twitter.com/search?q=%24MOTHER&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$MOTHER</a> provides.
 — IGGY AZALEA (@IGGYAZALEA) <a href="https://twitter.com/IGGYAZALEA/status/1843439149644427286?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">October 7, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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.
<blockquote class="twitter-tweet">
 1/ An investigation into Sahil, featuring unseen footage, who made $30M in 2024 by launching tokens for celebrities—most of which dumped to zero
 ↓ <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/iSo1kFTSdO" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/iSo1kFTSdO</a>
 — Bubblemaps (@bubblemaps) <a href="https://twitter.com/bubblemaps/status/1823752446801228060?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">August 14, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
For more in-depth insights and analysis on cryptocurrency, visit The Bit Journal.
<ul>
 <li><a href="https://twitter.com/Thebitjournal_" target="_blank" rel="noopener noreferrer nofollow">https://twitter.com/Thebitjournal_</a></li>
 <li><a href="https://www.linkedin.com/company/the-bit-journal/" target="_blank" rel="noopener noreferrer nofollow">https://www.linkedin.com/company/the-bit-journal/</a></li>
 <li><a href="https://t.me/thebitjournal" target="_blank" rel="noopener noreferrer nofollow">https://t.me/thebitjournal</a></li>
</ul>
Follow us on Twitter and LinkedIn and join our Telegram channel to be instantly informed about&nbsp;breaking&nbsp;news!

Scandal Strikes: Famous Rapper Cardi B Involved in Meme Coin Fraud Allegations!

Table of Contents

The Bit Journal

Other articles published on Oct 8, 2024

Bitwise Files for First-Ever XRP ETF with the SEC: What You Need to Know

Revolut prevents $14m in fraudulent crypto transfers in Q3

SPX6900 (SPX) Surges Following New Listing Announcement and Whale Activity

Risk Continues in Ethereum! ETH Foundation and ICO Whale Made a Million Dollar Sale!

PepsiCo Reports Resilient Third-Quarter Core EPS of $2.31 Amidst Challenges

Bloomberg ETF Guru Eric Balchunas Slammed For ”Blatant Misinformation” In Controversial Ethereum ...

Join our free newsletter for daily crypto updates!