Edel Finance faces controversy over insider token acquisition

Stock token platform Edel Finance is facing controversy after addresses linked to its internal team acquired over 30% of the EDEL token supply, DL News reported. The holdings are valued at approximately $11 million at current prices. The platform had promoted a "fair launch," stating that only 12.7% of the supply would be allocated to team members. However, wallets connected to the project secured a significant portion of the tokens immediately after the launch, leading to accusations that insiders profited before a potential price increase. Edel Finance co-founder James Sherbon did not deny that the team had acquired the tokens. He explained that the action was part of a plan to place 60% of the tokens into a vesting contract. Despite this explanation, the project is facing criticism for not announcing the plan in advance, for the action contradicting its published tokenomics, and for using obfuscation techniques in the transactions.