95% of World Cup token WCUP supply pre-purchased in suspected scam

On-chain analytics platform Bubblemaps has revealed that 95% of the total supply of the FIFA World Cup-themed token WCUP, which launched yesterday, was pre-purchased by a single group. The token's market capitalization surged to $50 million amid promotions by numerous crypto influencers who allegedly failed to disclose they were paid, sparking the first major scam allegations tied to the event. According to Bubblemaps' tracking, over 30 new wallets with no prior activity were created 30 minutes before WCUP's launch. These wallets were funded nearly simultaneously from a centralized exchange and then used to "snipe," or pre-emptively acquire, 95% of the token supply at launch. The group then attempted to evade on-chain tracking by using Uniswap Router commands to distribute the tokens across more than 2,500 separate new wallets. However, the entire purchasing network was identified using time-node analysis technology. Bubblemaps noted that while no direct on-chain link to the development team was found, the fact that such a large portion of the supply is controlled by a single entity is sufficient evidence of fraudulent intent.