Brazilian football legend Ronaldinho Gaúcho has launched STAR10, his official crypto on the Binance Smart Chain (BNB Chain).
The project aims to offer token holders exclusive perks while celebrating his football legacy.
In a March 2 post on X, the football star said:
“My new one and ONLY OFFICIAL token is HERE! It’s time to celebrate greatness, passion, and that legendary spirit that NEVER fades.”
STAR10
According to the project’s website, STAR10 holders can access various perks, including signed collectibles and VIP experiences such as private events and behind-the-scenes access.
The team behind the token emphasizes its long-term vision, claiming that STAR10 offers real value beyond speculation. A portion of the project’s fees will support social initiatives, and the community will decide how those funds are allocated.
The total supply of STAR10 stands at one billion tokens. Liquidity accounts for 25% of the distribution, while 20% is allocated for public sale. Ronaldinho personally holds 20% of the supply. Marketing and operations receive 15%, the team retains another 15%, and 5% is reserved for centralized exchange listings.
A lock-up period prevents Ronaldinho and his team from accessing their holdings for six months, after which the tokens will unlock gradually over three years.
Concern emerges
STAR10’s launch quickly gained traction and reached an all-time high of $0.3855. This rapid growth pushed its market capitalization beyond $360 million, drawing significant attention from investors.
However, concerns have emerged over potential insider trading.
Blockchain analysts from Onchain Lens revealed that an individual with close ties to Ronaldinho made nearly $5 million in profit.
This insider initially acquired 20.79 million STAR10 for 48 BNB ($29,247), selling a small portion immediately while holding the rest, now valued at approximately $4.93 million.
Further reports from Lookonchain exposed another suspicious transaction involving a wallet that acquired 122.45 million STAR10 tokens, representing 12.24% of the total supply, for 80 BNB ($50,000).
Within minutes, the same wallet sold one million tokens for 433 BNB ($270,000), leaving its remaining holdings valued at $33.5 million.
Additionally, security firm GoPlus initially raised alarms about the token’s smart contract, warning that the owner could burn tokens from any holder’s wallet.
This posed a significant risk, as tokens could be destroyed without warning. The firm reported that a later update confirmed that the ownership concern had been resolved, eliminating this vulnerability.
The post Ronaldinho token STAR10 launches amid insider trading concerns and security vulnerabilities appeared first on CryptoSlate.
