Bubblemaps shared blockchain data indicating that team-related wallets had purchased 30% of the token supply, but Edel’s co-founder said the acquisition was part of its token rollout plans.
Concerns are mounting over unusual activity surrounding the token launch of Edel Finance, a lending protocol focused on tokenized stocks and real-world assets (RWAs).
Blockchain analytics platform Bubblemaps claimed in a Tuesday X post that a cluster of approximately 160 wallets accumulated around 30% of the EDEL token supply, worth approximately $11 million, during the launch earlier this month. The platform alleged the wallets were linked and funded in a coordinated fashion immediately before trading opened.
“Edel Finance sniped 30% of $EDEL. Then tried to hide it behind a maze of wallets and liquidity positions,” said Bubblemaps. “Just hours before $EDEL launched, ~60 wallets were funded from Binance […] Together, they got 30% of the supply – now worth $11M.”
